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New Member
posted Jun 4, 2019 6:37:38 PM

Would an insurance claim payment count as income or need to be included in my tax return somewhere?

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1 Replies
Level 1
Jun 4, 2019 6:37:42 PM

No. Insurance claim payments restore you to how you were before and are not income.

However, insurance claim payments reduce deductions for medical expenses, casualty and theft losses. 

For more information about the difference between taxable and non-taxable income, follow this link:

Taxable v Nontaxable Income