Jun
20
do I claim Insurance money I received to repair my house on my income taxes?
By
I had damage to my house and received a check from the Insurance company which I used to repair the damage. Do I have to report this as income when filing my taxes with the IRS?
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6 Comments
June 21st, 2010 at 5:30 pm
Not if it’s yer personal residence
June 22nd, 2010 at 1:24 am
An insurance payment to repair damage to your home would not be considered income and therefore not taxable.
June 24th, 2010 at 8:37 am
Was it a business loss now recouped?
June 27th, 2010 at 9:35 am
No. It’s not income.
June 30th, 2010 at 3:15 am
francie22, Home insurance is actually very flexible. I’m not familiar with all the details of my policy, but my home insurance agent is always helpful. Try visting your agent or a agent in your area. They will be able to assist you.
July 1st, 2010 at 6:37 pm
On your tax return, there is a question that asks about losses such as this. You can plug in the information there.