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All Topics / Legal & Accounting / Any Tax implications in Insurance Claim
Had Water damage claim where bathroom wall and abutting bedroom wall was replaced, shower wall and floor retiled, surrounding area repainted. Cost of claim was apparently $6000.
I also paid the builder to replace the vanity, and all the tapware at an additional $1000. The old pale blue, simply wasn't going to go with the new tiles. The property is 12 year old.
I have now sold the property, in the same year as the repairs were done. And the repairs obviously contributed to a higher sale price.
How do I treat, if required, the
1) $100 Insurance Excess ?
2) Writing off of Old bathroom
3) repair cost of New Bathroom $6000
4) Replaced taps and vanity costs
Thanks
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