The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Rental property loss?||Date: 2/11/2013 4:14 PM|
|Author: geocarw||Number: 117731 of 121803|
Single family rental house owned for 20+ years and fully depreciated. Hailstorm last spring necessitated replacement of entire roof. Insurance covered all but $200 of costs (Roofer $5400-5200 Insurance Co). I have read and re-read Form 4684-Casualties and Thefts and Instructions. I'm at a loss on how to complete SECTION B—Part I Lines 20 on. My attempt using TaxACT:
Line 20-adjusted property basis... zero(0)
Line 21-Insurance/reimbursement... $5200
Line 22-If gain (21 > 20 I'm done?
Where is the repair costs considered?
What am I missing?
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|