Question

Rental Property - Water Damage related questions

Forum|Forum|2 years ago
March 24, 2024
2 replies
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Hello,

Last year, my rental property had water damage and I had to pay a lot of money out of pocket after insurance payments. I have the following questions while using TurboTax:

1.) Under rental expenses, I could not find a relevant field, so I am including my out of pocket expenses under "Any Miscellaneous Expenses?" with explanation. Is this the right place?

2.) I am wondering if I can include home insurance deductible in this section that I had to pay to the insurance. Please clarify.

Thanks!

Rental Property

PatriciaV

Your unreimbursed costs to repair water damage may be reported on Schedule E as repairs, maintenance, or under Miscellaneous Expenses with a custom description. The deductible you paid was actually part of the unreimbursed expense, so include that with the other costs.

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PatriciaV

Your unreimbursed costs to repair water damage may be reported on Schedule E as repairs, maintenance, or under Miscellaneous Expenses with a custom description. The deductible you paid was actually part of the unreimbursed expense, so include that with the other costs.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"