Tax deduction for insurance on rental property

By Alicia Human · Updated

Daisy

Daisy said:
22 July 2016 at 14:23

Can the excess I paid on an insurance claim be claimed as an expense on my rental property and are the proceeds from the insurance claim taxable?
TaxTim Alicia

TaxTim Alicia said:
22 July 2016 at 15:30

The insurance claim will not be taxable and unfortunately you cannot claim the excess for tax purposes.