Received money from an insurance claim. TurboTax allows me to depreciate the roof expense on rental property but no area to report payment received from insurance claim.

[biccung1]

I received $6000 from an insurance claim on my rental property for hail damage on the roof.  While going through TurboTax application, it allows me to depreciate the cost of the new roof($7,600).  I'm assuming I need to account for the insurance claim payment of $6,000 that I received(is this correct?) however, TurboTax doesn't seem to have a place for me to input the payment I received from the insurance claim.

[view2 · Accepted solution]

The insurance proceeds would be a reduction in your cost basis.{Insurance only replace what you had]

The amount of your loss is your adjusted basis in the property minus any salvage value and insurance or other reimbursement you receive or expect to receive. Adjusted basis is usually your cost, increased or decreased by various events such as improvements or depreciation.

Casualty and Theft Losses

https://ttlc.intuit.com/replies/3301959

What is the casualties and thefts deduction?

https://ttlc.intuit.com/replies/4289493

[biccung1]

Thank you!  Exactly the information I needed.

[view2]

Your welcome.