Yes, that would be reported in the rental section of TurboTax.
- In the Asset section of the rental interview, select Edit for the building.
- On the screen, Tell Us More About This Rental Asset, select This asset was sold, retired, stolen, destroyed, etc.
- In the date box that pops up, enter the date of the fire.
- Continue through the section.
- When you get to the sale information, your "sales price" will be the amount of the insurance that was for renovations.
- If you have other assets for this property, report them disposed of in the same way (except the land).
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