New Roof & Insurance

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  • Snowmom
    Daycare.com Member
    • Jan 2015
    • 1689

    New Roof & Insurance

    We recently had hail damage and replaced the roof and gutters.
    Insurance covered everything except obviously the $2000 insurance deductible.

    Should anything that insurance covered (or the paid deductible) be included in taxes?

    This also applies to the car I use for my mileage counts as well ($600 deductible on hail damage).
  • TomCopeland
    Business Author/Trainer
    • Jun 2010
    • 3062

    #2
    Roof

    Originally posted by Snowmom
    We recently had hail damage and replaced the roof and gutters.
    Insurance covered everything except obviously the $2000 insurance deductible.

    Should anything that insurance covered (or the paid deductible) be included in taxes?

    This also applies to the car I use for my mileage counts as well ($600 deductible on hail damage).
    The money you received from insurance is not income and you can't deduct it. You can deduct your out of pocket expenses. For the roof, depreciate your time-space% of the $2,000 over 39 years. For the car, you can only deduct the business portion if you are using the actual expenses method to claim car expenses.
    http://www.tomcopelandblog.com

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