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]

This is related to my rental condo property.

[AHMiah1]

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. 

[AHMiah1]

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. 

[AHMiah1]

Thank you for choosing TurboTax. 

[AHMiah1]

Thank you for choosing TurboTax. 

[AHMiah1]

Thank you for choosing TurboTax.