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toobad4it
New Member

I received insurance check from USAA due to storm damage on rental property. Does insurance check count as additional income?

 
1 Reply
Opus 17
Level 15

I received insurance check from USAA due to storm damage on rental property. Does insurance check count as additional income?

Mostly no.  In rare cases maybe yes.

If you spend the money to repair damages then it is not income. 

If you don't repair the damage, then part of the check might be income if the amount of the payment is more than the amount of your loss.  This is complicated and I can explain more if you need more details.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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