Three units of a 14-unit commercial retail building was damaged in a fire. Insurance covered all repairs after the $1,000 deductible. Business interruption coverage was also paid by the insurance. Since the proceeds all went to repairing the units, there should be no affect on the books, nor should that affect existing depreciation on the building, correct? Obviously the amount of business interruption proceeds is income.
USA book/tax ramifications from insurance proceeds.
- Thread starter Shawn
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