MGC94
Level 7
01-17-2023
02:13 PM
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Rental property catches on fire
$55,188.54 fire ins check dispersed (do you put this in with the rental income?) total rental income with fire ins is $64,909.72
Material/repairs total $56,456.86. I would think if you don't claim the income don't claim the repairs?
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IRonMaN
Level 15
01-17-2023
02:39 PM
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The insurance check doesn't get reported with rental income. The check gets net against the costs of restoring the property.
Slava Ukraini!
