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    Post: tax deductible

    Posted by Neej on 3/09/08

    For 2007, I had hail damage on my rental income property.

    My insurance policy covered the repair of my roof but had
    a $500 deductible (which I paid).

    What is tax deductible?

    A) the $500 insurance deductible
    B) the entire cost of the roof repair (~6,000)
    C) none

    Can I deduct the correct above amount for 2007 or do I
    have to depreciate it over 27.5 years?


    Posts on this thread, including this one
  • tax deductible, 3/09/08, by Neej.
  • Re: tax deductible, 7/05/08, by Frankie.

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