Building Repoairs

[austin3515]

Plan owns a building that sustained damages related to snow, and much of the expense was not covered by insurance.

I assume this would not go on the schedule C, becaus they were not providing a service to the plan, but wondered if anyone had some authority they could provide. I can't see how replacing a roof could be a service, but if there was something I could point to...

Also, I don't see a service code for construction, I suppose I could pouint to that!

[austin3515]

And where would I report on the 5500?? If I call it expense, it's going to look like I need a schedule C. But real estate only has "unrealized gains/losses". I suppose other expense?

[ETA Consulting LLC]

Good one. It really doesn't seem like an expense to the plan, but instead an additional investment in an asset (even though the additional investment was made to maintain a higher market value).

Just a thought.

[Jim Chad]

FWIW I agree with Erisatoolkit.

[austin3515]

SO does that mean we all agree to report it as unrealized appreciation for real estate? Would be odd since the value of real estate won't be any different... And there is no "other expense" - only "other Administrative Expense."