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Financial Planning / Tax Strategies


Subject:  Re: Rental property loss? Date:  2/11/2013  4:34 PM
Author:  Wradical Number:  117732 of 133004

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?

I'd just deduct the $200 out-of-pocket as a repair and leave it at that.

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