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I have a rental, and made an insurance claim, because of IKE.

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My question is 2 part...
I have a rental, and made an insurance claim, because of IKE. My question is 2 part. Do I have to pay taxes on the money from the insurance company? The repairs were less than the amount received from insurance company, so does the surplus cancel out any "other" expenses incured for the year?
Submitted: 9 years ago.Category: Tax
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1/1/2009
Tax Professional: Ed Johnson, Tax Preparer replied 9 years ago
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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Dear XXXXX,

 

Thank you for your question.

 

The excess is concidered short term capital gains and is taxed at your marginal rate. But you need to do the casualty and loss form first in order to determine exactly what that is. It may not be as much as you think.

 

Form: http://www.irs.gov/pub/irs-pdf/f4684.pdf

 

Instructions: http://www.irs.gov/pub/irs-pdf/i4684.pdf

 

There are special instructions for person concerning their general tax obligations for victims of IKE:

 

http://www.irs.gov/newsroom/article/0,,id=186774,00.html

 

http://www.irs.gov/newsroom/article/0,,id=108362,00.html

 

 

Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
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