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Investors & landlords
According to IRS Pub 547 Insurance and Other Reimbursements, include the taxable part of the insurance payment in income for the year you regain the use of your home or, if later, for the year you receive the taxable part of the insurance payment.
If the assessed repairs were caused by the same casualty event, the cost to you should fall under the same Casualty Loss.
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March 17, 2024
1:39 PM