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How are repairs and insurance settlements handed when filing taxes for a rental property that was damaged in a tornado?
Updated: 9/15/2023
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.
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