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Daycare and Taxes>New Roof & Insurance
Snowmom 03:17 PM 01-03-2020
We recently had hail damage and replaced the roof and gutters.
Insurance covered everything except obviously the $2000 insurance deductible.

Should anything that insurance covered (or the paid deductible) be included in taxes?

This also applies to the car I use for my mileage counts as well ($600 deductible on hail damage).
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TomCopeland 09:03 AM 01-08-2020
Originally Posted by Snowmom:
We recently had hail damage and replaced the roof and gutters.
Insurance covered everything except obviously the $2000 insurance deductible.

Should anything that insurance covered (or the paid deductible) be included in taxes?

This also applies to the car I use for my mileage counts as well ($600 deductible on hail damage).
The money you received from insurance is not income and you can't deduct it. You can deduct your out of pocket expenses. For the roof, depreciate your time-space% of the $2,000 over 39 years. For the car, you can only deduct the business portion if you are using the actual expenses method to claim car expenses.
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Tags:deduction - home improvement, deduction - roof, roof, time space percentage, tom copeland
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