turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Rental Property - Water Damage related questions

Hello, 

 

Last year, my rental property had water damage and I had to pay a lot of money out of pocket after insurance payments.  I have the following questions while using TurboTax:

1.) Under rental expenses, I could not find a relevant field, so I am including my out of pocket expenses under "Any Miscellaneous Expenses?" with explanation. Is this the right place? 

2.) I am wondering if I can include home insurance deductible in this section that I had to pay to the insurance.  Please clarify.

 

Thanks!

 

 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
PatriciaV
Expert Alumni

Rental Property - Water Damage related questions

Your unreimbursed costs to repair water damage may be reported on Schedule E as repairs, maintenance, or under Miscellaneous Expenses with a custom description. The deductible you paid was actually part of the unreimbursed expense, so include that with the other costs.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
PatriciaV
Expert Alumni

Rental Property - Water Damage related questions

Your unreimbursed costs to repair water damage may be reported on Schedule E as repairs, maintenance, or under Miscellaneous Expenses with a custom description. The deductible you paid was actually part of the unreimbursed expense, so include that with the other costs.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Rental Property - Water Damage related questions

Thanks a bunch, @PatriciaV 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies