Insurance Check

[vgentry]

Hi, 

I had a tenant's washing machine overflow and caused a lot of damage to the floors. I filed a claim against her renters insurance policy and state farm sent me a check for $5,200. Do I have to count this as taxable income?

[Critter-3]

Yes ...add it into the rent figure on the Sch E  but you also enter the cost of repairs to offset it.