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Re: I had water damage and the insurance company has paid me last year to cover the cost of the water damage. Do I need to report this for tax purposes?
AHMiah1
Level 3
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Investors and rental owners
No, you do not need to report the payout of insurance for the damages. However, if you used that money to invest which may result in a gain or interest, that would be taxable and should be reported.
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‎December 6, 2022
11:51 AM
