Ive been advised there are not but since the proceeds are generous, I want to make certain and have enlisted Turbo Tax. Most of income outside of has been coming from Roth IRA distributions and my prior tax returns low
Are you rebuilding, or taking the insurance payout and selling the land and moving on?
if you are taking the insurance, selling the property and moving on, then you have a sale, just as if you sold the intact house to another buyer. If you sell for more than you paid, you have a capital gains. If this was your personal home where you lived for more than two years, you can exclude the first $250,000 of capital gains, or $500,000 if married filing jointly, and the rest of the gains are subject to capital gains tax, just like in any other house sale. TurboTax can do this, of course, but you would have to report the sale of the property.