Our Association had repairs done to our vacation condo due to snow damage and we had to cancel multiple rentals that spanned both 2024 and 2025. I made a claim with my insurance company for "Loss of Rents". The claim is completed and I will be paid shortly... I understand that 'Loss of Rents" payments is a replacement of those rents and I will need to claim that as income. However, is the payment considered rents for 2025??? or is it split between the lost rents in 2024 and 2025? I'll need to talk to my insurance adjuster but will/should I be receiving a 1099 from them?
