Question About An Insurance Payout

[sahm1225]

We had an insurance claim paid out after our daycare flooded. We had to totally gut & renovate.

We got some money for insurance and spent way more than what we got. How do I claim that? It was a total Gutting so I have the bills from the contractors plus what we had to buy. Would I still be able to do depreciation?

[TomCopeland]

Casualty loss

We had an insurance claim paid out after our daycare flooded. We had to totally gut & renovate.

We got some money for insurance and spent way more than what we got. How do I claim that? It was a total Gutting so I have the bills from the contractors plus what we had to buy. Would I still be able to do depreciation?

You can deduct as a casualty loss the amount of expenses that were not covered by insurance. See my article on this:http://www.tomcopelandblog.com/2012/...-disaster.html

Don’t miss my February 4th webinar “Tax Changes for 2013: How to Avoid Mistakes When Filling Out Your 2013 Tax Forms.” It starts at 9pm Eastern Time and is sponsored by Daycare.com. Register here:http://events.r20.constantcontact.co...&llr=yatrx4cab

[TheGoodLife]

You can deduct as a casualty loss the amount of expenses that were not covered by insurance. See my article on this:http://www.tomcopelandblog.com/2012/...-disaster.html

Don’t miss my February 4th webinar “Tax Changes for 2013: How to Avoid Mistakes When Filling Out Your 2013 Tax Forms.” It starts at 9pm Eastern Time and is sponsored by Daycare.com. Register here:http://events.r20.constantcontact.co...&llr=yatrx4cab

What about the insurance deductible? Can you claim that?

[TomCopeland]

insurance

What about the insurance deductible? Can you claim that?

Yes you can.