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How are repairs and insurance settlements handed when filing taxes for a rental property that was damaged in a tornado?
Wiki User
∙ 15y ago
If you deduct the cost of he repairs/loss...then the insurance settlment is taxable income (essentially replacing the amount of the deduction/loss you took and really didn't have because you were reimbursed for it). Or if you don't expense the repairs, the recovery isn't taxable.
Wiki User
∙ 15y ago
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Can you keep house insurance money instead of fixing a damaged floor?
Its your $$$ now !!! you can do with it what you want. * If the home is not still under a mortgage contract the homeowner is not obligated to use insurance funds for repairs of the property. However, if repairs are not done the insurance provider can refuse any claim if the flooring or adjoining structure is damaged further. If the home is still mortgaged repairs must be made as the lender would have to sign the insurance check as well as the homeowner/borrower. All mortgage contracts stipulate that the property must be kept in the same or better condition as it was when the property was purchased and lending agreement made. You could BUT that would be called insurance fraud... Lis@
Is homeowner entitled to any of the insurance check when repairs are being done on a damaged property?
Of course not. Insurance is supposed to put you back to the same position you were in before the damage occurred. Your not "entitled" to make money on a claim. If your property was repaired the contract was fulfilled.
What help can I get with repairs to my roof after so much rainfall from my property insurance help.?
The best source of information would be your insurance agent or other Insurance Company Representative. Most Homeowners insurance policies have coverage available for storm damaged roofs.
What describes property damage liability insurance coverage?
Property damage liability is the coverage section of your liability auto insurance that will pay for physical damage to the vehicle or other property of another person if you are At Fault in an auto accident. This coverage would pay for repairs of the person's car or whatever else is damaged.
What best describes property damage liability insurance coverage?
Property damage liability is the coverage section of your liability auto insurance that will pay for physical damage to the vehicle or other property of another person if you are at fault in an auto accident. This coverage would pay for repairs of the person's car or whatever else is damaged.
If a tree does property damage who is liable?
Mother Nature would be the liable party, Unfortunately, she does not carry insurance. If your property is insured, Then your property Insurance Policy will cover the cost of damage repairs.
Does homeowners insurance cover utility poles damaged on your property by a car?
No, You just need to call the utility company. They will take care of their pole. If a car hit the pole, The drivers auto liability insurance could pay the utility pole owner for the cost of repairs.
Landlord Insurance Can Protect You and Your Income?
If you rely on revenue from rental properties as your sole income or even as a supplement to other income, you need to have landlord's insurance to protect yourself as well as your assets. If someone is injured on property you own, you could be liable for thousands of dollars if you do not have landlord's insurance. Insurance can also protect you if your property is damaged and you cannot rent it until repairs are made. With landlord's insurance, you can restore your property and begin to generate revenue much more quickly after a disaster.
Does comprehensive insurance cover transmission work?
Only if the transmission was damaged in an accident. Auto Insurance does not pay for maintenance or mechanical repairs that are not the result of an accidental loss.
Does a post office home insurance cover repairing a toilet that isn't working if you have 2 toilets in the property?
your Property insurance is Hazard coverage. It does not provide coverage for normal expected maintenance and repairs incidental to property ownership.
What is Landlords House Insurance?
Landlords house insurance is a type of insurance that protects the owner of a rental property from damage by tenants. This insurance can compensate the owner for cleanup costs and repairs as well.
Can insurance companys determine dictate the company to do repairs to your property?
They can't tell you who to hire, but they can decline or reject a contractors bid.
