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gslayton
Level 3
April 10, 2022
Solved

Rental property roof damage: repair $4490, insurance payment $1350. How do I handle the insurance payment?

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Just-Lisa-Now-
Just-Lisa-Now-Answer
Intuit Community Champion
April 10, 2022
It reduces the cost paid out of pocket for the repair.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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3 replies

IRonMaN
IRonMaN
Level 15
April 10, 2022

Net it against repairs expense.

Slava Ukraini!
    gslaytonAuthor
    Level 3
    April 10, 2022

    So, in effect, it becomes taxable income.

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community ChampionAnswer
    Intuit Community Champion
    April 10, 2022
    It reduces the cost paid out of pocket for the repair.
    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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