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!
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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.
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.
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