Money from remediation

[meffmax1994]

My remediation company took the insurance check and gave me a share for property lost. Am i supposed to report this as income on tax return?

[Mike9241]

Not taxable since that is supposed to cover the FMV of property lost. Whether you spend it or not doesn't matter. 

[Opus 17]

That’s complicated. We need to know more about what the payment was for and why you received it.

In general, it is not the fair market value that counts, it is your cost basis in the property.  If you are reimbursed for the loss of the fair market value, but that is more than you originally paid for the property, part of the payment may very well be taxable.  But we need more details. Also, were you required to provide your tax number to the insurance company and are you expecting a 1099 form?