Do I need to include the insurance benefits received as rental property income? If so, how do I do that in TurboTax?

blwtaxit — Wed, 05 Jun 2019 03:53:49 GMT

I received insurance benefits in 2016 on my residential rental property for some damage that occurred. Most of this insurance money was used for cost of repairs. Do I need to include the insurance benefits received as rental property income? If so, how do I do that in TurboTax? Do I still include the cost of those repairs in rental property expenses as normal?

Insurance payments for damage to your property are not ta...

MinhT — Wed, 05 Jun 2019 03:53:51 GMT

Insurance payments for damage to your property are not taxable if they cover the costs of repairing the damage. You do not report them as income. In return, you cannot claim the repair expenses as rental expenses.

topic Do I need to include the insurance benefits received as rental property income? If so, how do I do that in TurboTax? in Investors & landlords

Do I need to include the insurance benefits received as rental property income? If so, how do I do that in TurboTax?

Insurance payments for damage to your property are not ta...