Had a fire in my rental property.
It was worth 50,000 on books
Also had 1500 Closing cost that was amortized every year.
It was a total loss, Insurance paid all 50,000. Sold property for the salvage value of 20,000
and paid off the loans.
Turbotax does not give me an option to deduct all the Closing costs.
It tells me to amortize it over 20 years but I do not have the property anymore.
How do I claim this?
Second Question: Turbotax took 50,000 Loss and its creative huge Loss on the tax return.
How about the Insurance claim of 50,000?
Do I add it to the next income?
Thanks
