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New Member
posted Apr 18, 2021 10:12:50 PM

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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1 Replies
Level 3
Dec 6, 2022 11:51:38 AM

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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