Can I declare expenses for investment property property repairs as a deduct if insurance doesn't cover it all?

 Author: konstantine(Newbie)Newbie

1 July 2023

Hi

I had escape of liquid in my investment property, where the floor boards had to be replaced, all of them.

The cost was $4000 for the builder to replace the floor boards and $100 to move furniture ,which I paid, later Insurance transferred me $3800 for floor replacement cover only (without me actually needing to pay $200 excess), the $100 for the builder to move furniture was not covered by Insurance payout.

I understand that $3800 needs to be declared as Income. Is $4000 I paid declared as Expense, the same as $100 for moving the furniture?

Thanks.

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