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April 21, 2023
Question

Insurance Check

  • April 21, 2023
  • 1 reply
  • 0 views

Hi, 

I had a tenant's washing machine overflow and caused a lot of damage to the floors. I filed a claim against her renters insurance policy and state farm sent me a check for $5,200. Do I have to count this as taxable income?

1 reply

Critter-3
April 22, 2023

Yes ...add it into the rent figure on the Sch E  but you also enter the cost of repairs to offset it.