Casualty deduction and insurance reimbursement

Greetings, we had a burst pipe and water damage to several units in our fourplex. I am not sure how to record the insurance reimbursement for the repair. I don’t see a category that is appropriate and would break out the money for the IRS form 4684. Can you help me? Thank you!

@heather.oie Good question. See our answer to a similar post and note there’s now a new category under “Income” to track receipt of insurance proceeds: How to categorize insurance claim payout / proceeds

Definitely consult a CPA before making any determinations about what is reportable, deductible, etc. related to insurance claims, payouts, and repairs.

Hi Devin,

Thank you, it looks much better on the graphs and reports now. You guys are AWESOME! This software is fabulous. I wish you had another version for Real Estate Brokers for tracking income and expenses. Keep up the great work! Heather