I had income from an insurance claim for a new roof and other repairs. The repairs exceeded the insurance payment by $4200. Do I need to report the income and expense?

eagle2920 · ‎June 4, 2019

I just need to know if I have to report the insurance check as income and then list all of my repair cost.

Vanessa · ‎June 4, 2019

No, if the repairs exceeded the insurance payment you do not need to report the insurance check as income. Repairs to your personal home are not deductible

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Vanessa · ‎June 4, 2019

No, if the repairs exceeded the insurance payment you do not need to report the insurance check as income. Repairs to your personal home are not deductible

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I had income from an insurance claim for a new roof and other repairs. The repairs exceeded the insurance payment by $4200. Do I need to report the income and expense?