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Do I have to pay federal income tax on Monet received from…

Do I have to...

Do I have to pay federal income tax on Monet received from insurance due to hurricane damage to my home?

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We had damage done to our home due to hurricane Irma. We received a check to cover the costs of repair. Is this taxed as income?

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Answered in 1 minute by:
1/5/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,700
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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The IRS doesn't count insurance payouts as income -- they're a reimbursement for the money or property value you lost.

If you make a claim on your return for the casualty you have to reduce the amount of loss by the reimbursement you receive from the insurance though.

Please let me know if you need more information especially about how to file a Casualty loss claim
If not then please scroll up to see the STARS to rate so I am credited. Thank you

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,700
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hi, just checking back to see if you responded

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