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