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?
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?
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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