I have Hurricane Harvey damage on my rental property but do not yet have total repair costs which could be more than the insurance check. When and how do I claim?

I have already received an insurance check in 2017. All of my repair costs will be paid in 2018. I will try to get more money from my insurance if it does not cover all of the repair costs. However, I won't know for at least a few more weeks as the repair is underway now. Should I include this on my 2018 taxes or wait until I have all expenses and file with my 2017 taxes? Does this go under business expenses or casualty loss?

724

New Member

Jun 6, 2019 9:02:57 AM

The question about rental property and Hurricane Harvey is mine and I have still not received an answer.

As far as the other question: I'm using the paperwork from the adjuster to file on my 2017 taxes as payments to the contractor will come out of the insurance money. Any additional costs accrued in 2018 that are not part of the insurance payment will be reported on an amended 2017 return or reported on my 2018 tax return.

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I have Hurricane Harvey damage on my rental property but do not yet have total repair costs which could be more than the insurance check. When and how do I claim?