A new roof is considered an capital improvement that incr...

[lbrackett]

I am replying to an older post, but I am hopeful and appreciative of any added advice. Scenario: Storm hit our rental; insurance paid all but deductible for new roof; it appears that I can claim the deductible as a repair/expense. Other posts, however, say to add only the deductible as the asset. So, how do I add this? And, if only as a repair/expense, do I still need to claim the entire roof as an asset, even though I technically didn't pay for it? Thanks in advance.

[PatriciaV]

No, in TurboTax you don't really have the option to adjust the basis of your rental property for the new roof. And if insurance covered the entire cost, less deductible, then it isn't a new asset nor is a basis adjustment necessary. In this case, simply report the deductible as a repair expense.

@lbrackett