Loss due to fire on LLC for rental Property

[jnisa]

I have an LLC that has my property in it I had a fire and the loss was 200k and was paid by insurance 200k less my deductible the basis in the entire property net of depreciation is 350k. How would the insurance payment be reported and  where is the loss reflected? 

TYIA for any help 🙂 

[MarilynG1]

You need to report the FMV before the loss and the FMV after the loss.  Your loss is the difference between those two, minus the insurance reimbursement. 

Click this link for detailed instructions on Reporting a Casualty Loss for Rental Property. 

[jnisa]

I got that for but where do I reflect the insurance proceeds on the return ?

[Mike9241]

normally, you can not include land in your basis because that does not burn. however, if you surrendered title to the entire property to the insurance company as part of the settlement then yes you can.