I received $17,874.10 from an insurance claim on my rental property for water damage. how should I report on turbotax?

Forum|Forum|6 years ago
June 6, 2019
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I received $17,874.10 from an insurance claim on my rental property for water damages. the restored costs $20,756.00. how should I report on turbotax?

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Best answer by PaulaM

The insurance proceeds do not need to be reported as they were less than your repairs. You will need to reduce your repair expenses by the insurance so that the total repair expenses deducted for the damage is $2,881.90.

PaulaMAnswer

Employee

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ttran28Author

Employee

Thank You! I have another question, I have deductible $6,000.00 for water damages in my rental house, can I report as deduction on my rental Schedule E tax return? I also received some money for loss of rental income from insurance company on January 2018 but the rental loss income from a few months of 2017. Should I report loss income in 2017 or 2018 tax return? Thank you so much for help!!