Depreciation after Fire

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01-24-2015, 02:02 PM

natr

Junior Member

Join Date: Jan 2015

Posts: 1

Depreciation after Fire

Rental property original cost basis $40,000. In service for 10 year. extensively damage by fire. Insurance paid $95,000 for rebuild. How do I refigure cost basis?

Also Insurance reimbursed rental income. Do I show that as regular rental income?

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