Rental property improvement covered by insurance

Forum|Forum|7 years ago
June 6, 2019
1 reply
0 views

My condo that I rent out flooded and a so a new floor and washer and dryer unit were installed and paid for by my insurance company. Do I enter those as assets, or not, since they were no cost to me?

TurboTax Premier Online

Best answer by ThomasM

No, you don't enter them. Since insurance took care of them, they won't be depreciable assets to you, nor will they increase your basis in the property.

T

ThomasMAnswer

Employee

No, you don't enter them. Since insurance took care of them, they won't be depreciable assets to you, nor will they increase your basis in the property.