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tax-doctor
tax-doctor, Tax Preparer
Category: Tax
Satisfied Customers: 637
Experience:  Federal, State and local income tax preparation
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I had a large tree fall on my house in January 2011. I was

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I had a large tree fall on my house in January 2011. I was covered by insurance and received a check from the Ins Co to cover the restoration and periodically pay an ins Co approved contractor for the work. I also put in claims for damaged personnel property and get reimbursed for the article/appliance at a cost that represents age and present cost of said item. The over $ figure is over $150000 .I have to claim this as income.
Does any of this have to be reported to the IRS or state tax.
All the restoration of the damaged sections of the house is being restored in a replace or repair agreement.
are there any aspects of this event that I should be adressing? - Is it a situation that I should see a tax attorney? There was a large amount of damage - the car was a total loss - 3/4 of the trusses were damaged - the whole roof was replaced - I have been in a rental home since Jan 2011 - rent being payed by insurance. As clothes and kitchen utensils were packed in movers boxes - I gradually replaced things as I needed them.
What if anything can I claim on 2011 tax report.
Submitted: 5 years ago.
Category: Tax
Expert:  tax-doctor replied 5 years ago.

tax-doctor : Hello, my name is XXXXX XXXXX I'd be happy to assist you with your questions
tax-doctor : In extreme situations like this it's always best to use an accountant or IRS EA to review any additional tax inplecatiom
tax-doctor : I'll
tax-doctor : I'll check for you...please allow me a few minutes to review for you, thank you!
tax-doctor :

the tax law is extensive on this matter - http://www.irs.gov/publications/p547/ar02.html

tax-doctor :

I'd suggestion that you run this by an accountant just to be certain, but generally speaking, provided that this overage is to be used to replace ALL lost ideas and for housing which stemmed from this loss than you're okay

tax-doctor :

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