I had to replace french doors on a rental due to damage during a robbery. My insurance has a $1000 deductable ---- I assume I treat this as an improvement on my income tax, list the cost as $1000, and depreciate it, right?
Thanks!
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I had to replace french doors on a rental due to damage during a robbery. My insurance has a $1000 deductable ---- I assume I treat this as an improvement on my income tax, list the cost as $1000, and depreciate it, right?
Thanks!
No, you can expense the deductible, but you must adjust the basuis accordingly.
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