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April 6, 2023
Question

Prepaid lost rent insurance payment

  • April 6, 2023
  • 1 reply
  • 0 views

Hello,

I had a fire in Oct in a rental property. MY ins co prepaid me lost rent until March of 2023, the time the repairs were going to take. Sitting down to do taxes and it appears that it was all put on my 1099 for 2022. Do I claim it all on my 2022 taxes even though some of it was for 2023 rents or split it and only claim part of it. 

Thank you,

Karen F

    1 reply

    April 6, 2023

    Yes, you will claim it all on your 2022 taxes since you received it in 2022. Income is reported when received for a cash basis taxpayer which most people are.  

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