How to claim rental property damage on Taxes?
For Tax year 2009: A rental property sustained severe damage and the insurance company pays only a part of the actual rebuilding costs. Where and how is the remainder being claimed in the Federal tax return? Do I calculate the net-loss and put only that into Schedule E under repairs? or is there a place / form where I list / itemize all Expenses and Insurance reimbursements for transparency? – which will add up to the same net-loss – Thanks!
for Dr.Mojo1’s comment: Could I in this case then not just take the contractor repair invoices that the insurance did not pay and claim them as “Repair and Maintenance”?