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Client had beach condo used as seasonal rental property during the summer months as well as personal use during year 2019.Rental income has been reported on Schedule E for several previous years. In 2019 , client condo burned down completely and received $17,000 for contents inside unit (personal property) from the insurance company. Client was paid $ 100,000 in year 2020 for the actual loss of the unit. Should this event be reported and what tax form if any should be used?
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Client had beach condo used as seasonal rental property during the summer months as well as personal use during year 2019.Rental income has been reported on Schedule E for several previous years. In 2019 , client condo burned down completely and received $17,000 for contents inside unit (personal property) from the insurance company. Client was paid $ 100,000 in year 2020 for the actual loss of the unit. Is this a reportable event and what tax form if any is used?
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Im not fluent in this type of situation at all, but thats at least a starting point.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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See https://proconnect.intuit.com/community/tax-talk/discussion/seasonal-rental-property/01/89908#M3009
It would be nice if you could settle on what software you use.
Answers are easy. Questions are hard!
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It would be nice if you could settle on which software you are using.
Answers are easy. Questions are hard!