When our daughter was flooded out of her condo, she stayed with us and we received compensation from the insurance company

[TurboTaxMonica1]

Do you have a question about the insurance payout?

[mlcoutts]

Yes.  Is it counted as income?  and if so, where do we enter it on the return?  Also we received $300 class settlement for asbestos insulation.  Is this income?

[TurboTaxMonica1]

No, not counted as income. No need to report either amount.

[mlcoutts]

thanks for the info

[TurboTaxMonica1 · Accepted solution]

No, you don't need to report the insurance compensation nor the settlement as income.