Rental property caught fire Feb 2022 and I only got 60k to cover 120k in repair cost. So I sold in August 2022.
2022 Fire insurance proceeds 60,000
Basis in house(tracked in turbo tax):20,000
Insurance proceed income:40,000 -- don't know where to put this in turbo tax to link to the property.
2022 Sale of house: 20,000
Basis in house: 0
Gain on sale: 20,000
