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You do not have to report an insurance reimbursement for repairs as income on your tax return. It doesn't matter if the repairs were completed in the next year.
The insurance reimbursement is being used to replace the damaged property, it is not considered a financial gain and is therefore not taxable.
You do not have to report an insurance reimbursement for repairs as income on your tax return. It doesn't matter if the repairs were completed in the next year.
The insurance reimbursement is being used to replace the damaged property, it is not considered a financial gain and is therefore not taxable.
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