My rental property had some water damage to the walls and floors, and my insurance paid more than the cost of repairs came out to.
So where do I report the profit made between the insurance payout and repair costs?
You report the gain from the excess insurance proceeds on Form 4684 which shows up under 'Other Gains' on Schedule 1 of Form 1040. In TurboTax, you can report it under Casualties and Thefts which can be found under 'Deductions & Credits'. For more information on these gains and how to postpone them, see here: Reporting a Gain on Reimbursement
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