Hi!
Last January, our adult daughter had major water damage done to her own home - so bad, she had to move back in with us for 6 months. Her homeowners insurance company covered all of the repairs, etc. They also paid us $1500/month to compensate us for her having to live with us over that 6 month period of time. I recently received a 1099 from the insurance company for the $9000 total that they paid me over that 6 month period in 2023.
Is that considered taxable income?
If yes, shouldn't I also be able to claim expenses against that income, for the additional utilities, food, and other expenses we incurred to offset some of that income? If yes, where and how on my TurboTax tax return do I record these expenses ?
Please provide guidance on this...thank you
