Roof replaced on rental property. Insurance covered cost of the roof ($18956.) except a $1000. deduct. that owner paid. Where do these costs get entered in cost basis?

Roof was replaced due to hail damage and it was 13 years old so a combination of both caused the roof to be replaced.

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Roof replaced on rental property. Insurance covered cost of the roof ($18956.) except a $1000. deduct. that owner paid. Where do these costs get entered in cost basis?

You should have an increase to basis equal to the cost of the new roof (including your $1000).

Decrease in Basis equal to deductible casualty loss and insurance proceeds.

This would basically work out to a $1000 increase in basis.

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Roof replaced on rental property. Insurance covered cost of the roof ($18956.) except a $1000. deduct. that owner paid. Where do these costs get entered in cost basis?

You should have an increase to basis equal to the cost of the new roof (including your $1000).

Decrease in Basis equal to deductible casualty loss and insurance proceeds.

This would basically work out to a $1000 increase in basis.

Roof replaced on rental property. Insurance covered cost of the roof ($18956.) except a $1000. deduct. that owner paid. Where do these costs get entered in cost basis?

Thanks! We also paid for a home inspection and a Radon Test when we bought the property. Can these be added to cost basis?

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