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lcmcgr
New Member

Is a claims payment from my homeowner's insurance company considered miscellaneous income?

Does it get offset by the full cost of the repair?
1 Best answer

Accepted Solutions
KarenL2
Level 5

Is a claims payment from my homeowner's insurance company considered miscellaneous income?

No, it's not income if it's to repair damage to your home.  There is no need to report it on your taxes.

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1 Reply
KarenL2
Level 5

Is a claims payment from my homeowner's insurance company considered miscellaneous income?

No, it's not income if it's to repair damage to your home.  There is no need to report it on your taxes.

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