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MGC94
MGC94
Level 7
January 17, 2023

RENTAL FIRE

  • January 17, 2023
  • 1 reply
  • 4 views

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? 

 

This topic has been closed for replies.

1 reply

IRonMaN
IRonMaN
Level 15
January 17, 2023

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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