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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10136
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I will be getting a check from AAA insurance cabin that

Customer Question

i will be getting a check from AAA insurance for my cabin that burned down ... my tax man "thinks" i dont have to pay taxes on it.... he called it a "casualty loss" .. what do you say????
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi, I hold J.D. (Duris Doctorate -a Doctoral degree in the law), MBA (Finance & Tax specialization), a BBA from Mercer University's Stetson School of Business & Economics, as well as CFP and CRPS (Chartered Retirement Plans Specialist) designations - I can help

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You do not, UNLESS you took a casualty loss deduction on your taxes.

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This is what's considered indemnification (making you whole).

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You would have to recognize as income any amount that you deducted, IF, again, you took a casualty loss deduction.

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Otherwise, this is not taxable at all.

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Lane

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Expert:  Lane replied 1 year ago.

Hope this has helped.

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Let me know if you have other questions ...

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If this HAS helped, and you If you don't have additional questions on this, I'd appreciate a positive rating (by clicking the stars on your screen) ... that's the only way I'll be credited with a portion of what you've paid JustAnswer.
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Thank you,

Lane

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Expert:  Lane replied 1 year ago.

Hi,

….

I'm just checking back in to see how things are going.

….

Did my answer help?

…..

Please let me know if you need more here

And if not, I'd appreciate a positive rating (using the stars on your screen). That's the only way JustAnswer will credit me with a portion of what you've paid them.

Thank you,

Lane

.

Expert:  Lane replied 1 year ago.

Hi,

….

I'm just checking back in to see how things are going.

….

Did my answer help?

…..

Please let me know if you need more here

And if not, I'd appreciate a positive rating (using the stars on your screen). That's the only way JustAnswer will credit me with a portion of what you've paid them.

Thank you,

Lane

.

.