Costin I.
Cost Segregation - Partial Disposition and offsetting insurance proceeds
We had a roof damaged in a hail storm and got it replaced and paid (minus deductible) via an insurance claim. This is on a property that had a CSS done on it some 6 years ago when we got it (and placed a new roof at t...
Gabe K.
Lender insurance claim question
Hi Fellow Note Investors,I have a note on a house where a wall caved in and I filed an insurance claim (in process). However, we are at the end of the foreclosure and the house is going to sheriff's sale very soon. ...
Nathan Lamb
Insurance Payment tax help needed.
Hello, good people.
My name's Nathan and i'm new here.
I was sent on a task from my father to find some tax answers.
Basically, my mom and her family own some land out in Lubbock, Texas. It is insured, and since t...
Nick Dunin
Off market house tied up in litigation
Hello BP brain trust. I've got a lead on an off market coastal beach house property that the owner wants to sell. The house is a fixer upper from a hurricane last year. I'm being told there's currently litigation g...
Mike R.
Recording insurance proceeds in Quickbooks
Accounting/quickbooks question. The waterline broke between my rental property and the street. I paid $2900 for a new waterline and $490 to redo the sidewalk for a total of $2390. I recorded the waterline as a capital...
Lori Martinez
Sellers of Commercial Property Want Me to Buy LLC. Need advice...
Hello,I am looking for some advice. I entered into a purchase agreement (with 3-4 extensions) to buy a commercial property from an LLC (a married couple and another individual as sellers). The current extension ends i...
Josh Edelson
Insurance Payout - Claim as income?
I had a fire at one of my houses. Insurance paid me $30k and it will cost $30k in repairs. Do I need to claim $30k in income AND $30k expenses? Can I JUST claim the expenses? Can I just not claim either since it's a w...
Todd G.
Rental Fire - are insurance proceeds taxed?
Rent house burned down. It was a total lose. Insurance money was paid out and I'm coming out ahead by $40,000. Will I need to pay taxes on the gain next year? If so, is there a way to avoid paying taxes?
Andrew L.
Excess Insurance Proceeds - Taxable or Not
Hello,I own a commercial mixed-use property and recently had a fire damage part of the building, mainly on the ground floor commercial space. The rest of the building was only slightly damaged and is currently rented....
Joe DeLuca
HVAC Replacement from flooding
Hi All,So we got hit pretty hard from Hurricane Ida and need to replace two full HVAC systems in our Triplex. I understand that this doesn't qualify under the de minimus safe harbor exclusion.
Is there any way to wr...