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tnasby
New Member

I had a leak in a rental property. The repairs cost $6000, but I only paid $1000 as that was my deductible. Which if any do I deduct from my taxes as "repair expenses"?

 
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2 Replies
Anonymous
Not applicable

I had a leak in a rental property. The repairs cost $6000, but I only paid $1000 as that was my deductible. Which if any do I deduct from my taxes as "repair expenses"?

since it only cost you $1,000 that's all you get to deduct. 

Carl
Level 15

I had a leak in a rental property. The repairs cost $6000, but I only paid $1000 as that was my deductible. Which if any do I deduct from my taxes as "repair expenses"?

Generally, since insurance you pay for rental property is a deductible rental expense on SCH E, any payouts are considered taxable income. You can expect to receive a 1099-MISC or some other type of tax reporting document from the insurance company by the end of the first week of February.

If that happens, then you must include the insurance payout, with your rental income received. Then you will claim a repair expense of $6000 thus offsetting the taxability of the insurance payout.

If you do not receive some type of tax reporting document from your insurance company, then you can only deduct your $1000 deductible as a rental expense.

 

 

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