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Question

Are insurance proceeds for loss rental income taxable? I believe they are but I cannot find the appropriate IRS Code section to verify the tax treatment.

Forum|Forum|6 years ago
June 3, 2019
1 reply
0 views

The "loss rent" insurance proceeds were received after our rental property was partially destroyed by fire. We received the proceeds for the 10 months of loss rent that was due to the fire.

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An insurance settlement that replaces income that would be taxable is taxable. This money is subject to the same income and expense deduction rules as your ordinary income would be.

How do you report that reimbursement for loss rental income ?

My rental house burnt down 100% Ins paid off. Where do I go on Turbotax deluxe to show info concerning loss/gain etc.? How do I figure loss and gain> What additional forms does the IRS require? Thanks Bert