Seasonal rental property
- June 20, 2020
- 3 replies
- 13 views
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?
