Rental property fire, insurance payout, and charitable donation,

awalter383 · ‎April 28, 2021

I have always done my own taxes with turbo tax but I am having trouble this year. I had a rental house that was severely damaged by fire. The insurance paid as a total loss. I had the remains appraised and donated it and the land to a church. Where should I enter the money paid by the insurance company? Turbo tax says to make sure I enter it under the depreciation on the house but doesn`t specify how to do this. Is there a way to enter it on the depreciation schedule for the house? Also, if I do this do I lose all the depreciation on the 5-year-old roof and the 1-year-old AC because those are under separate depreciation schedules? I am assuming the donation would simply go under charitable donations.

Also, I had a houseboat that I used as an air BnB. It was under its own LLC with me and my wife as co-owners with everything split. we had to close the BnB and sold the boat. when I do the taxes for this should I enter the sale price under the depreciation of the boat? How would I add it?

Critter-3 · ‎April 28, 2021

I highly recommend you seek local professional assistance for this unusually complicated return as the DIY version may not be adequate for the job. OR get your money back for the downloaded version and use the Online LIVE version instead.

awalter383 · ‎April 28, 2021

I tried to use the online version with the option of having an expert do the taxes for me and was told it was not set up to do I returned that had multiple rental properties.

Do you think the online live version would be better able to handle this and by that do you mean something different other than YouVersion where you have a tech professional help you. Do you think the version where I do it myself but have guidance from a tax professional might be doable?

As for the tax professional, yeah I figured that would be a good idea. However, with me being the huge procrastinator that I am, they don't have time for me at the moment and said the best they can do is file an extension and maybe get mine done by September. Ill probably end up going that route but I still wanted to try and see if I could do this myself. Thank you for your

Critter-3 · ‎April 28, 2021

I highly recommend you go on extension so you have until 10/15 to get this sorted out and then don't wait until the last minute.

Rental property fire, insurance payout, and charitable donation,

Investors & landlords

Investors & landlords

Investors & landlords