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    Re: tax deductible

    Posted by Frankie on 7/05/08

    You can deduct the $500 deductible you paid on your 2007 tax
    return. However, it should technically be depreciated over
    27.5 years because it is related to a capital improvement. You
    may want to consider just deducting it as a repair to save you
    the trouble of keeping track of the depreciation. Multiply
    your tax bracket percentage (e.g. 25%) by the $500 to see how
    much tax you actually save.

    On 3/09/08, Neej wrote:
    > 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?
    > Thanks

    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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