Rental property improvement covered by insurance

[ChuckandMarlo]

My condo that I rent out flooded and a so a new floor and washer and dryer unit were installed and paid for by my insurance company. Do I enter those as assets, or not, since they were no cost to me?

[ThomasM · Accepted solution]

No, you don't enter them.  Since insurance took care of them, they won't be depreciable assets to you, nor will they increase your basis in the property.