Insurance Claim/settlement

adolfo-lozano · ‎February 7, 2024

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?

MinhT1 · ‎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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View solution in original post

MinhT1 · ‎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-lozano · ‎February 7, 2024

Thank you very much! I appreciate it.

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Insurance Claim/settlement