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If we had insurance payments from a housefire and got cash out for refinancing mortgage do we need to count that as income? What if we itemize our deductions/sales tax?

Forum|Forum|7 years ago
June 4, 2019
1 reply
0 views

We remodeled due to this as well, not sure if that can count as any type of deduction aside from itemizing. Thank you!

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If you refinance to take out cash to repair or remodel your home, that is not income. The damage the house fire caused may qualify as a casualty loss (itemized deduction), click here for more information. The insurance payments reduce your casualty loss, and possibly your basis in your home, but generally are not taxable.

A

Anonymous

Answer

If you refinance to take out cash to repair or remodel your home, that is not income. The damage the house fire caused may qualify as a casualty loss (itemized deduction), click here for more information. The insurance payments reduce your casualty loss, and possibly your basis in your home, but generally are not taxable.