Insurance Claim/settlement

[adolfo-lozano]

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 · Accepted solution]

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.

[adolfo-lozano]

Thank you very much!  I appreciate it.