(This could potentially qualify your distributions as QBI -qualified business income - subject to a 20% deduction under 199A. 

Would it be better to do some remodeling and deduct those costs from the sale proceeds, or should I foreclose and sell the property "as-is"?

If you’re doing updates to a property, they can provide you with a list of qualifications to help your property be more energy efficient maximizing tax deductions.

When you file your taxes at the end of the year the accountant is going to ask you for your receipts or what and how much you want to write off using deductions.

The Big plus is the tax deductions they will be able to take as well!!! 

Is my accountant accurate in stating I cannot deduct the expenses related to the property if it's not listed in an LLC?

Window AC units can indeed be treated as tangible personal property with a 5-yr life and be bonus-depreciated or deducted under Section 179. 

You only want to file a claim if it's much greater than deductible or your rates shoot up pretty quickly. 

@Vidit Maini Starting your business as an LLC taxed as a C corporation offers flexibility but involves double taxation unless you elect S corp status, allowing profits to pass through to your personal return.For tax savings, deduct startup costs, track business mileage or vehicle expenses, and consider a home office deduction.

I THINK you could probably just expense your deductible if insurance didn’t cover 100%.