Tag Archives: Repairs

Vacation to Orlando

Today TaxMama hears from Shaun in the TaxQuips Forum who wants to write off his vacation. “My son and I are traveling to Florida. I have a property in Jacksonville, FL that I need to check on. Can I fly in and out of Jacksonville to take care of business? Then drive to Orlando for […]

Tenant Mess

Today TaxMama hears from Anne in New Jersey with this problem. “My tenant was evicted on 6/30/09. She left owing $4,000 in back rent – and she vandalized the townhouse. So far, I have spent $13,000 in repairs (contractor fees and supplies) to bring the townhouse into rentable condition. Can I claim the $13,000 on […]

Casualty Loss

Today TaxMama hears from Jackie in Virginia who tells us, “We had some water damage on our rental property and the insurance company paid for the repairs. Is the insurance payment for the repairs considered income?”

Staying Afloat

Today TaxMama hears from Shirley in Florida, who has this problem. “In 2002 a boat I’ve owned since 1986 ran aground.I had used it as a business to run charters. My insurance paid me $10,000 to have it towed to dry dock repairs. The depreciated value at the time of the accident was $3,000. Extensive […]