I had a flooding loss on my Sked E rental in 2011. I'm not sure I'm handling it correctly.
Clean up expense $1748 Sked E line 7 cleaning and maint
Insurance claim receipt $2483 Sked E line 14 repairs (entered as negative)
New carpeting $3440 capitalized as asset 5 yr property Form 4562
1st yr depreciation on Sked E line 18Existing carpet was fully depreciated and no salvage value Form 4797 Sec 1245 property gain $0.
I guess my main concern is am I handling the insurance claim check correctly?
I was reviewing things before final printing :(
scott s. ..