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Home was destroyed by fire in April 2018. Insurance paid settlement for the house. Didn't rebuild, moved in with son and sold the lot. What will be claimed as income?
My 89 year old Dad's home was destroyed by the Tinder Fire in Northern AZ in April 2018. He and my Mom lived there since 1992 and it was paid for. My Mom passed away in Dec 2017, so instead of rebuilding a home that
he could not live in alone, he moved in with me and sold the lot. Insurance paid a settlement for the house, other buildings, and trees. (The claim for personal property lost inside the home is still pending.) What will he have to claim as income?
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‎June 1, 2019
8:25 AM