Lost Rent Reimbursed By Insurance

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  • sami
    Member
    • Apr 2017
    • 78

    #1

    Lost Rent Reimbursed By Insurance

    If taxpayer got a reimbursed on lost of rental income during repair of his unit should I include that on schedule E as rental income?
  • Anarchrist
    Senior Member
    • Oct 2006
    • 353

    #2
    yes
    9876543
    "Taxation is the price we pay for failing to build a civilized society." ~ Mark Skousen

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    • terryats
      Senior Member
      • Jan 2019
      • 258

      #3
      Yes if the payment was for lost rent only. If it covered the repairs then only report the difference between lost rent, and repairs as rental income

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      • spanel
        Senior Member
        • Oct 2008
        • 845

        #4
        Originally posted by terryats
        Yes if the payment was for lost rent only. If it covered the repairs then only report the difference between lost rent, and repairs as rental income
        I'm not sure I agree.

        Repairs reimbursement either go in income or offset or credit the repair account.

        Chris

        Comment

        • terryats
          Senior Member
          • Jan 2019
          • 258

          #5
          You were asking about where to include insurance reimbursements for lost rent, and I said you include it as rental income, only the amount for lost rent. You weren't asking about repairs

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