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.

residential rental property

Can I deduct regular rental expenses when the rental property was idle for ten months  undergoing repairs/appliances replacement due to casualty.

Insurance company reimbursed for some rental losses. 

Can I claim a casualty loss for the excess of money spent to restore the property over HOA insurance reimbursement for the casualty.

 

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.

1 Reply
Vanessa A
Expert Alumni

residential rental property

If the property was being repaired due to a casualty and was available for rent before and after the damage/repairs without personal usage, yes, you would be able to deduct your regular rental expenses.

 

If the property remained a rental unit, money you spent to bring the property back to usable property would either be depreciated or expensed, depending on what you did.  If you had to do a new roof that would be an asset to be depreciated.  If you bought a new stove for $500 that could be expensed. 

 

The expenses would be entered in the rental expense section.  A deductible isn't really something you can deduct.  The deductible would be the money you paid out of pocket to put the property back into working order.  

 

You cannot deduct expenses for items paid for by the insurance company.  If you received payments from the insurance company for lost rental income, you would need to include this as rental income on your return. 

 

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

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies