The property sits on several acres.I have read of scenarios where you can claim a percentage of the property as your primary residence to reap the benefit of the 121 exclusion ($500K Exemption), and the other percentage as investment property to earmark for 1031 exchange.

You teach people how to treat you, and in this case, you are teaching your tenant that she can claim "accident" and you will fall for her sob story and assume because she is Section 8, she can't pay for the repair (a not always true assumption, I might add).I assume you have a lease, and that it states repairs caused by tenants are their responsibility.

Also, if you turn around and rent the house to someone else fairly quickly, it will also be hard for you to claim any financial setback was occurred to you.In addition, you have no idea what the tenant needed that money back for - could have been to make up the difference for a down payment on house - could be something else.

LOLYou're right, it's not specified by the OP, but my statements are specific as to making a seller sell in my first post concerning the matter and the subject to my comments.So far, no one has provided a link to a case, just making claims.

Mind you I am no accountant nor attorney but let's just say I have some government insight.However if you are the employee / member / corporate officer (with no other employees in the company outside of the member(s) corp. ofcr(s)) you may not have to file quarterly tax returns and just claim that income when you file your personal / business returns by 4/15.

Owners policy protects owner from title claims up to purchase price.

If you have $10k in damage you'll probably need to go through insurance to get paid, if it's $1k then it's probably not worth filing a claim and easier to go after the tenant.

First kind is replacement insurance that will replace anything that is damaged from an insurable claim.

Some were living in travel trailers and tents a year later.Insurance offers to settlements come quickly, usually low as they play games to avoid claims, holding out takes time and money to get by.

Ask how much the deductible is if you have a claim to the master policy.