In January of 2016 I was robbed. I sent a claim to my renters insurance. Do I claim that as income? How do I treat it on my return?

[shellar23]

In January of 2016 I was robbed. I had renters insurance and filed a claim. I have been paid slightly less than $2300 on this claim thus far and have replaced most of my missing items. Sadly some were irreplaceable. Do I count that as income? How do I account for that on my tax return? Do I need to mention it at all? This robbery took place in Oklahoma. Thank you.

[Opus 17 · Accepted solution]

The insurance payment is not taxable income unless it is more than the original cost of the stolen items (then, only the difference would be taxable.)

You could declare a theft loss for the unreimbursed portion of the loss, but you probably won't benefit since the IRS deductibles are fairly high--you can only deduct part of the loss that is more than 10% of your income after a $100 deductible.

[shellar23]

So I don't need to list it at all when I file?

[Opus 17]

Correct.