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Updated almost 2 years ago,

Chris B.'s profile image
Chris B.'s profile image
Chris B.
  • from Chandler, AZ
  • Member since Apr 10, 2020
Connect

User Stats

294
Posts
267
Votes
Chris B.'s profile image
Chris B.'s profile image
Chris B.
  • from Chandler, AZ
  • Member since Apr 10, 2020
Connect
Chris B.
  • Chandler, AZ
267
Votes |
294
Posts
Tax, SDIRAs & Cost Segregation

Reporting insurance payment on taxes

Chris B.
  • Chandler, AZ
Posted

A tenant damaged the house she rents from me.  Her insurance paid $15k to me via a check.  My repair cost was that much plus some more.  For tax purposes, it appears I report the insurance payment as some kind of income and then I can deduct my repair expenses to offset it.  Is this accurate and if so, where is the insurance payment reported on the taxes?  (TurboTax) Thanks!

Gilbert, Arizona
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