topic Does insurance claim received get reported as &quot;other income&quot; and the associated repair expense get reported as &quot;other deductions&quot; on Form 1120-H? in Investors & landlords https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/does-insurance-claim-received-get-reported-as-other-income-and-the-associated-repair-expense-get/01/655021#M28653 <P>Our homeowners association received funds from an insurance claim from a third party who caused damage to our common property.&nbsp; We used those funds to repair the damage to our common property.&nbsp; How do we report the insurance funds received and the associated repair expense on Form 1120-H?&nbsp; Does the income get reported under "other income" since it is nonexempt income?&nbsp; Does the repair expense get reported under "other deductions"?</P> Thu, 06 Jun 2019 09:05:26 GMT gregk0 2019-06-06T09:05:26Z Does insurance claim received get reported as "other income" and the associated repair expense get reported as "other deductions" on Form 1120-H? https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/does-insurance-claim-received-get-reported-as-other-income-and-the-associated-repair-expense-get/01/655021#M28653 <P>Our homeowners association received funds from an insurance claim from a third party who caused damage to our common property.&nbsp; We used those funds to repair the damage to our common property.&nbsp; How do we report the insurance funds received and the associated repair expense on Form 1120-H?&nbsp; Does the income get reported under "other income" since it is nonexempt income?&nbsp; Does the repair expense get reported under "other deductions"?</P> Thu, 06 Jun 2019 09:05:26 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/does-insurance-claim-received-get-reported-as-other-income-and-the-associated-repair-expense-get/01/655021#M28653 gregk0 2019-06-06T09:05:26Z If the insurance payment is just enough to cover the repa... https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/if-the-insurance-payment-is-just-enough-to-cover-the-repa/01/655032#M28654 <P>If the insurance payment is just enough to cover the repairs, you do not need to report anything on form 1120-H.</P><P>If the insurance payment is in excess of the repair costs, you report the excess as Other income (line 7 of form 1120-H.</P><P>If the insurance payment is short of the costs of repairs, you report the shortage as Repairs and Maintenance.<BR /></P> Thu, 06 Jun 2019 09:05:28 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/if-the-insurance-payment-is-just-enough-to-cover-the-repa/01/655032#M28654 MinhT 2019-06-06T09:05:28Z