I received $17,874.10 from an insurance claim on my rental property for water damages. the restored costs $20,756.00. how should I report on turbotax?
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The insurance proceeds do not need to be reported as they were less than your repairs. You will need to reduce your repair expenses by the insurance so that the total repair expenses deducted for the damage is $2,881.90.
The insurance proceeds do not need to be reported as they were less than your repairs. You will need to reduce your repair expenses by the insurance so that the total repair expenses deducted for the damage is $2,881.90.
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