Rental prop casualty loss/claim

Apr 15, 2012 2 Replies

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scott s. 14 years ago

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 18

Existing 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. ..

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removeps-groups 14 years ago

This seems fine, in the sense that the end result of Schedule E is the same. However, putting a negative number in the expenses section looks a little strange, and I would have probably reported it in the income section.

This is a replacement carpet, so maybe it is an expense. I could be wrong.

You mean you not efiling?

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scott s. 14 years ago

" snipped-for-privacy@yahoo.com" wrote in news:33532867.915.1334616413250.JavaMail.geo-discussion-forums@ynmf4:

Thanks. I guess there's something about the ritual of going down to the PO on tax day.

scott s. ..

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