How are repairs and insurance settlements handed when filing taxes for a rental property that was damaged in a tornado?

Probably not. As long as the payment your addressing is for a loss of something tangible, say to restore damage to the roof, the payment isn't taxable UNLESS you took the casualty loss on your tax...

Not exactly. Reimbursement for the loss is not taxable income....just like simply selling the property at no loss/gain would not have been income. Common sense prevails here - what you CAN'T do is...

Yes

Depreciation is a benefit you must take or lose! You must take the "depreciation allowed or allowable....". Hence don't use it and you pay for it anyway! It is one of the biggest tax benefits of...

This would be covered under Malicious or accidental damage if your insurance company provides this.