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JohnHolt2251
Level 1
March 30, 2025
Question

how do i report replacement cost minus insurance proceeds for wind damage to structure?

  • March 30, 2025
  • 1 reply
  • 7 views

I received $27,090 from insurance company for damage to my barn, but it cost me $36,395 to repair it. How do I report this on my Schedule F and can I depreciate the difference?

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1 reply

BobKamman
BobKamman
Level 15
March 30, 2025

 

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.


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