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jodziur
New Member

Rental property loss

How do I confirm that I filled out the information correctly for the loss of my rental property. I want to make sure I am reporting my insurance compensation correctly.
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view2
New Member

Rental property loss

Insurance payment are suppose to be a wash , only restore your property to the condition it was before the claim.

If the insurance payment was not enough to cover the  damages , you only expense the out of pocket cost that the insurance did not cover.

If you receive insurance reimbursement that is more than  the destroyed or damaged property, you may actually have a gain[ taxable income.]

Rental Property Income and Expenses [review the same]


https://ttlc.intuit.com/replies/3288530

View solution in original post

1 Reply
view2
New Member

Rental property loss

Insurance payment are suppose to be a wash , only restore your property to the condition it was before the claim.

If the insurance payment was not enough to cover the  damages , you only expense the out of pocket cost that the insurance did not cover.

If you receive insurance reimbursement that is more than  the destroyed or damaged property, you may actually have a gain[ taxable income.]

Rental Property Income and Expenses [review the same]


https://ttlc.intuit.com/replies/3288530

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