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?
