I had wind damage to my bakery roof and insurance paid for most of it - the rest was out of pocket. How do I categorize the insurance payout for tax reporting purposes?
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I had wind damage to my bakery roof and insurance paid for most of it - the rest was out of pocket. How do I categorize the insurance payout for tax reporting purposes?
I had wind damage to my bakery roof and insurance paid for most of it - the rest was out of pocket. How do I categorize the insurance payout for tax reporting purposes?
If your repair expenses can be documented with proper contracts and receipts then the insurance is not considered income. However explanation should be offered to avoid possible false assumptions by reviewers.