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April 24, 2024
Question

New roof due to hail damage

  • April 24, 2024
  • 1 reply
  • 0 views

My insurance paid me to have a complete new roof, gutters, fascia, etc. approximately $25,000.

Do I have to list the money from the insurance as income on my taxes? Is there a tax write off for storm damage to my house? Is there something I don't know about tax wise?

1 reply

April 24, 2024

Generally, no, homeowners insurance is meant to make you whole again.  So if they just made you whole again, then there is no taxable event. 

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