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Probably not. As long as the payment your addressing is for a loss of something tangible, say to restore damage to the roof, the payment isn't taxable UNLESS you took the casualty loss on your tax return for that item. (You can't take the loss and exclude the income - one or the other. Makes sense because if your getting paid for the loss, well then you didn't really have one).
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∙ 15y ago
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Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
Can you deduct property taxes on a rental property?
Yes
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
Do you pay taxes on house insurance claim?
income taxes ? no insurance payments are exempt
Who pays property taxes on lease to own property?
Normally the taxes and insurance are included in the payment.
Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
What can I do to help me reduce my taxes on my rental properties Are there any deductions I can make?
If you upgrade your rental property at all you can claim that on your taxes. You can treat the rental just like you would your home, so all of the deductions that you qualify for on your own home, you may qualify for on the rental.
Can you deduct property taxes on a rental property?
Yes
Do you have to pay taxes on a cancer insurance claim?
In the USA you do not pay taxes on the Proceeds from an Insurance Claim.
Can you claim insurance on your taxes?
No.
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
If your daughter lives in your house for two years rent free and you have paid the insurance and taxes does she have the right to claim the house?
If your name is on the deed, it is your house. A judge's decision should go in your favour if you have paid the insurance and taxes because she has no real claim to owning the property.
Can you claim renters insurance on your taxes?
No.
Do you pay taxes on house insurance claim?
income taxes ? no insurance payments are exempt
If your insurance pays for a roof can you claim it on your taxes?
No.
Who pays property taxes on lease to own property?
Normally the taxes and insurance are included in the payment.
What provides the funds needed for expenses such as property taxes homeowners insurance mortgage insurance?
Which of these provides the funds needed for expenses such as property taxes, homeowners insurance, mortgage insurance, etc.?
