Tax implications of storm damage.

[Ed L.]

Had a big F4 tornado rip through town a couple weeks ago. Absolutely incredible the amount of damage it caused, but luckily no one was killed.

It went right between my 2 rental homes, and destroyed everything in between but luckily my two were mostly unharmed.

I did have bunch of shingles blown off one of the homes, but luckily the insurance company really did me a solid.

What are the tax implications of having damaged property repaired??

Can I write off the new roof expense fully due to the fact that it was damaged or do I have to depreciate it out?

Also my damages were (X) and my insurance paid basically twice that amount. How will I be taxed on those monies???

I will discuss all this with my CPA, just curious if anyone else has had a similar situation.