I’m try’ing to figure out how to categorize an insurance claim payout. I have both sides of the transaction, the insurance check and the cost of the work.
@heptigproperty For tracking purposes only (not tax reporting), you can categorize the insurance funds you received as “Income > Insurance Proceeds” (new category) and the actual costs of the work as “R&M” or “Capital Expenses.”
Note that we strongly recommend consulting with a CPA to figure out what’s reportable, deductible, etc. in this situation. The proper tax treatment for insurance payouts and the associated repair work is highly fact-specific.