Can I deduct home repairs that were covered by insurance?

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  • Can I deduct home repairs that were covered by insurance?


Answer #1 | 19/12 2013 16:53
Only if you paid a deductible and only that amount. You can also claim the insurance premium but not whatever they'd cover.
Positive: 41 %
Answer #2 | 19/12 2013 17:11
You can only claim repair expenses that were not reimbursed. Anything that you were made whole on is disallowed obviously since you aren't out any money.
Positive: 35 %
Answer #3 | 19/12 2013 20:45
Since the repairs were covered by insurance, you cannot deduct them. To clarify, rental real estate expenses are not itemized. Rather, they are deducted on Schedule E.
Positive: 15 %
Answer #4 | 19/12 2013 20:50
Ordinarily, no. In certain cases, if you paid for the repairs in one year and got reimbursed by insurance in another year, then you can deduct the repairs in the years you paid them, but then you have to include the money from the insurance company in your income for the year that you received it, so you don't really save anything, and you have a lot more paperwork.
Positive: 10 %
Answer #5 | 20/12 2013 05:26
No, as you didn't actually spend the money, it wasn't an expense.
Positive: 10 %
Answer #6 | 20/12 2013 09:14
Positive: 10 %
Answer #7 | 20/12 2013 21:52
Um, if insurance paid you $1000 and you spent $1000 on repairs… … if you claim deduction on the $1000 you paid… then you'd have to pay taxes on the $1000 you got. It's all a wash in the end.
Positive: 10 %

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