Explore the 1,000’s of tax questions answered by professionals.

Back to Reporting Income

QUESTION DETAIL

Related User

Votes

Are the proceeds from an insurance settlement related to a damaged home from a wind storm taxable?


ANSWER


The BIDaWIZ Team's Answer:

No; the insurance settlement proceeds are not taxable;

however, you must reduce your casualty loss tax deduction,

by the amount of the insurance proceeds [IRC165(a)].  

The BIDaWIZ Team

 

 

  • Currently 4.6190/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
1547 Ans.