Reporting a gain on a rental casualty

[jamesrob0723]

Restoration of my rental casualty was less than insurance reimbursement by $750.  I've completed the 4684 worksheet.  I entered the amount of insurance reimbursement on line 1e.  On line 1f I entered the FMV and after casualty value (FMV minus the cost of restoration).  The difference here shows that it cost less to restore to the original FMV than the Insurance reimbursement on line 1e by $750. 

I cannot find anywhere in the program that shows a $750 income as a result of the gain.

Any help is greatly appreciated.

[ErnieS0]

Your gain should flow from Form 4684 to Form 4797 and then to line 4 of Schedule 1.

If you are using TurboTax Online, you can preview your 1040 and Schedule 1.

• Click Tax Tools in the left column
• Click Tools below that
• In the center column, select View Tax Summary
• In the left column click Preview my 1040
• You will see Federal 1040
• When you are done, click Back in the left column

[jamesrob0723]

Thank you.  I thought it should, but it is not flowing there in TT.  Either I am doing something wrong or I need to let TT know.

[KrisD15]

Did you look at Schedule D? 

It should be a long-term Capital Gain since this was reimbursement for Income Producing property if you held the rental for more than one year. 

Also be sure to report the basis as only the basis for that repair, not the total value of the house. 

So the basis should be the same as the FVM