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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?
awshea
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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?
This is related to my rental condo property.
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April 18, 2021
10:12 PM
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.
Thank you for choosing TurboTax.
December 6, 2022
11:51 AM
