Do I need to include the insurance benefits received as rental property income? If so, how do I do that in TurboTax?

[blwtaxit]

I received insurance benefits in 2016 on my residential rental property for some damage that occurred. Most of this insurance money was used for cost of repairs. Do I need to include the insurance benefits received as rental property income? If so, how do I do that in TurboTax? Do I still include the cost of those repairs in rental property expenses as normal?

[MinhT · Accepted solution]

Insurance payments for damage to your property are not taxable if they cover the costs of repairing the damage. You do not report them as income. In return, you cannot claim the repair expenses as rental expenses.