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adolfo-lozano
Level 2
February 7, 2024
Solved

Insurance Claim/settlement

I filed a claim with my insurance company for damages to my roof after a storm.  Insurance company denied my claim.  I hired an attorney to represent me.  After 2 years, my attorney issued a check to me to pay for the damages.  I asked my attorney if I should expect a 1099-MISC from him or the insurance company for which he replied "no".  My question is, is this money taxable by the IRS? 

    MinhT1Answer
    Alumni - Intuit
    February 7, 2024

    This payment is for damage resulting in a loss in value of your property. This isn't taxable and you don't have to report it on your tax return.

     

    Please read this IRS document, paragraph Loss-in-value of property.

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    MinhT1Answer
    Alumni - Intuit
    February 7, 2024

    This payment is for damage resulting in a loss in value of your property. This isn't taxable and you don't have to report it on your tax return.

     

    Please read this IRS document, paragraph Loss-in-value of property.

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
      adolfo-lozanoAuthor
      Level 2
      February 7, 2024

      Thank you very much!  I appreciate it.

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