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I recently received a check from my isurance company, issued…

Customer Question
Hi I recently received...

Hi I recently received a check from my isurance company, issued to me and a repair company. Who get 1099-Misc form from the insuarance company?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I recently hired a repair company to fix my house because there was a water leakage. The insurance company asked for coendorsement of loan creditor, myself, and repairing company.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

No I want to know the tax impact of this insurance claim? The repair company asked me for more payments because they think the insuarance company would issue them a 1099-Misc.

Submitted: 8 months ago.Category: Tax
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Answered in 1 minute by:
11/23/2017
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 8 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,143
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

Please give me a few minutes to type my response.

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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 8 months ago

The insurance company MAY issue a Form 1099-MISC to the repair company, but more than likely they won't. You were the insured, and they paid to repair your home. This is not a taxable transaction, and a Form 1099 won't be issued.

I would be more concerned with the repair company. If they are asking for more money because the are worried about getting a Form 1099, then I am guessing that they are not reporting the income. They are at risk for tax fraud, you are not.

I hope this answers your question. If you have any more, please let me know and I will be happy to answer.

Thanks! *****!

Roger

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Customer reply replied 8 months ago
Thanks for your advice.
Customer reply replied 8 months ago
No thanks,
Your answer is as I expected. I asked for a second opinion.
Thank you.
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 8 months ago

What do you not believe? Would you like me to cite the Internal Revenue Code section where this is discussed? I am a CPA, and I've been working with taxes for over 32 years, so this is not the first time I have seen this. I also teach accounting and taxation for a national university. And I had my roof replaced last year due to hail damage, and I did not get a Form 1099 from State Farm, even though the amount was over $7,000, well over the 1099 amount.

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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 7 months ago

I have not heard back from you. Do you have any more questions? Is what I said clear?

Please don't forget to rate me, as this is how questions are closed.

Thanks! Have a great weekend!

Roger

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