Announcement

Collapse
No announcement yet.

Insurance Proceeds for Casualty Loss

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Insurance Proceeds for Casualty Loss

    Client has a rental house hit by a Tornado.

    ACB: 33000
    Ins Proceeds: 33100
    Repairs made: 4500 ( I don't know why so low, they continued to rent the property??)

    How is this reported;

    I'm thinking casualty gain of $100

    What would the calculation for the new ACB be? Would the new acb be:4500(repairs)+$100 (the gain)=$4600? And does this new acb get depreciated over 27.5 years?
    Last edited by equinecpa; 11-03-2009, 05:51 PM.
Working...
X