My house recently sustained damage during a storm and I made a claim for the repairs to homeowners. Do I have to claim the settelment check on my taxes?
Do you have to pay taxes on insurance settlements for damages to your home?
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StephenWeinstein
February 22, 2010 at 9:00 pm
Generally, no. However, if you previously deducted a portion of the damage (on Schedule A), then you must claim the portion of the recovery of that amount.
mbrcatz
February 22, 2010 at 9:11 pm
No. It’s not “income” – it’s compensation for the value of your loss. You don’t “make” anything off of it.
Margarita D
February 22, 2010 at 10:00 pm
Money received as a result of a storm, fire or other type of casualty loss is not considered income since you are only replacing what you lost therefore no tax would apply. In addition depending on your tax bracket any amount of damage that the insurance company does not cover such as the deductible can be deducted on your tax return. For additional information on this, you should consult a tax specialist.
I hope this helps. Good Luck!