How do I report insurance money received for 12/28/15 with repairs done 1/2016 for a rental property?

[1lex]

My Rental property had slab leak 12/21/15 with insurance payment made to me 12/28/15.  I repaired and made payments in January of 2016.  I did not claim loss in 2015 since repairs were completed in 2016, is this correct or do I need to amend 2015 taxes??

[MinhT · Accepted solution]

You were correct in not claiming the loss in 2015 as you had not incurred any expenses yet.

In 2016, you can claim as repairs expense the difference between what you actually paid out and the insurance payment you received.