738735
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?
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
DavidRaz
New Member
aledoux2
New Member
carolynmkendall509
New Member
gdhaness
Level 2
HNKDZ
Returning Member