You might consider yourself lucky the insurer doesn't just tender you a check for $140k and leave you on your own to defend. 

After defending a few dozen studies before the IRS, it's my experience that engineering only firms don't understand the mechanincs of the passive activity, at-risk or basis rules well enough to advise clients on STR properties. 

But it appears all of that could just have been posturing to gain an advantage ahead of these final talks.The Details.China’s Vice Minister of Commerce announced agreements on:Pausing tariffs on $300 billion in Chinese imports,export controls on things like microchips, tariff suspensions, agricultural (aka soybean) purchases, anti-fentanyl measures, anti-drug cooperation, TikTok operations, rare earth minerals, (as an aside, these minerals are not rare.

Umbrella insurance which is an extension of your General Liability coverage will defend and cover any damages so long as the triggering event is not an exclusion in coverage (gross negligence (sometimes mere negligence), willful misconduct, fraud/misrepresentation, illegal use are common exclusions in property GL policies. 

Maintaining proper records is essential in case of an audit, as it allows you to justify and substantiate your deductions and effectively defend your position if questioned by the IRS.

Two of these cases are worth watcching closely.The first is case 23-CA-005823 KIYOS CONCRETE INC Plaintiff vs BLACKTIP CONSTRUCTION GROUP INC et al Defendant.  

Key AccusationsConsumer Fraud & Racketeering: Defendants allegedly preyed on distressed homeowners using deceptive tactics."

Defendants Holton Wise Community Redevelopment Fund LLC, John C.

Anti-SLAPP statutes exist in many U.S. jurisdictions, including Illinois, and allow for the immediate dismissal of such suits along with the recovery of attorneys’ fees and costs by the defendant.

You are listed as a defendant on a writ of attachment certified in September 2025 for this property as well as several others.