The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Rental house questions Date:  11/13/2013  3:46 PM
Author:  geocarw Number:  119507 of 123001


Single family residence owned and rented since 1984 with the building fully depreciated.

A break in a toilet supply line resulted in water damage to a bathroom, carpeted hallway and more. Costs for water damage mitigation services were paid to a contractor directly by the insurance company. The bathroom had to be demolished and rebuilt and carpet/pad replaced in hallway and adjacent rooms. I have hired contractors for this work and insurance payments to me will cover costs directly related to the water damage including lost rent.

During this process a leak in the lead toilet sweep was discovered and could not be repaired resulting in a new plumbing stack, toilet flange and toilet (cracked and leaking), at a cost of $2300. No insurance coverage here, just part of the joy of owning an 88 year old house.

Figuring this was a good time to update, we replaced the rotting wood bathroom window with glass blocks, a new vanity and faucet, new tub/show