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Im leaving in NY (Queens) My house burn down .My insurance

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Hi There Im leaving in...
Hi There Im leaving in NY (Queens) My house burn down .My insurance paid 350k My mortgage is 360k .every month i had to pay $3.500 If I use insurance money to pay for mortgage Do I had to pay tax on it ?( The house value is 800k before burn down )Property tax is $ 3500/year
Submitted: 1 year ago.Category: Tax
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Answered in 1 minute by:
9/8/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

The IRS doesn't count insurance payouts as income -- they're a reimbursement for the money or property value you lost.

If the amount you received in insurance or other reimbursement was more than the cost or other basis of the property, you have a taxable amount but generally no, this is not taxable even if you used it to pay mortgage.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

I hope that was clear but let me know.

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Satisfied Customers: 15,888
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