I own a duplex and we had a house fire on my tenant side in April. My daughter and I are currently living in a rental (covered by insurance). It's estimated that it will be another 6-8 months before we can move back in to our home. The tenant side had to be totally gutted. Our side has some structural damage and all contents have been removed for cleaning. Three-quarters of the roof will need to be replaced.
How will this affect my tax filing and what do I need to report? When my insurance company pays Loss of Use or reimburses for items destroyed, do I need to report those funds and, if so, where?
Any help you can provide is very much appreciated!!
