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Investors & landlords
Another thing to keep in mind also. Rental income from all sources for any reason (including the insurance payout) is reported and included in the rental income received for the year. So if you received the payout in 2021, that gets added to your total rental income for the 2021 tax year.
You will not deal with the contractor payments you made in 2022 until you do your 2022 tax return next year. That's when you'll add the property improvements in the assets/depreciation section with an in service date of Jan 10, 2022 or after.
‎January 11, 2022
6:48 PM