Our rental property was lost in a fire at end of 2017. We stopped depreciating the dwelling while arranging for it to be re-built. We received Loss of Rent payments from our insurance company and have deductible expenses like insurance premiums and property taxes. How is this reported for 2018? Do we still use Rent and Royalty Summary section to account for income and expenses. Do we answer that it was rented all year? If we say No TT will delete the property.
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The Loss of Rent payments are your rental income for the year, and in order to keep the property active, you will want to enter that it was rented all year.
The Loss of Rent payments are your rental income for the year, and in order to keep the property active, you will want to enter that it was rented all year.
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