Updated about 13 years ago on . Most recent reply
Tax implications of storm damage.
Had a big F4 tornado rip through town a couple weeks ago. Absolutely incredible the amount of damage it caused, but luckily no one was killed.
It went right between my 2 rental homes, and destroyed everything in between but luckily my two were mostly unharmed.
I did have bunch of shingles blown off one of the homes, but luckily the insurance company really did me a solid.
What are the tax implications of having damaged property repaired??
Can I write off the new roof expense fully due to the fact that it was damaged or do I have to depreciate it out?
Also my damages were (X) and my insurance paid basically twice that amount. How will I be taxed on those monies???
I will discuss all this with my CPA, just curious if anyone else has had a similar situation.