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Level 3
February 27, 2023
Question

Insurance Claim

  • February 27, 2023
  • 2 replies
  • 22 views

As an LLC, we experienced water damage in one of our properties and filed an insurance claim for it. After completing the necessary repairs, there is still some remaining funds from the claim. How do I accurately report this in Turbotax Business 2022?

2 replies

Level 15
February 27, 2023

You should report the excess insurance payment as Other income.

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gy1027Author
Level 3
February 28, 2023

Thank you!