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I owe a property which I rented out until September 2021, at which time my letting agent informed me the tenants were leaving, but when they did, they trashed the place. I eventually got an insurance payment to repair the property. My questions are:
- Is the insurance payment classed as income?
- if so where on the tax return do I declare it?
- Is the cost of repairing the property classed as expenses?
- if so would I declare this in the Property repairs and maintenance box?
Thanks for any advice.