RENTAL FIRE

[MGC94]

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? 

[IRonMaN · Accepted solution]

The insurance check doesn't get reported with rental income.  The check gets net against the costs of restoring the property.