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Level 7

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How do I record a Property Insurance Claim?

12 replies
203 views

I received an insurance payment for a roof claim on two of my rental properties. Should I deposit the check in the same EXPENSE category listed below. Or do I need to make an income category for Insurance Claims? Does it matter. I have 2 roofs. One I am going to repair and the other I am not.

EXPENSE
Insurance:
Property Insurance:

Thank you in advance for taking the time to help me.

QuickBooks Desktop

Level 15

@ greg

I would book the insurance payment as income, split between both properties, and I would create an insurance income account for that purpose

Repairs to a roof do not impact on the fixed asset at all, a roof replacement does and is a new fixed asset account

if you repair a roof, then that is an expense for that property obviously

Level 15

@ greg

I would book the insurance payment as income, split between both properties, and I would create an insurance income account for that purpose

Repairs to a roof do not impact on the fixed asset at all, a roof replacement does and is a new fixed asset account

if you repair a roof, then that is an expense for that property obviously

lindak1119Author

Level 7

That sounds like the best method. Thanks for your response.

You need to ask your tax professional about this.

Comment deleted.