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HomeForumsFinancial, Tax, and LegalInsuranceInsurance Payout - Claim as income?

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Josh Edelson
  • Rental Property Investor
  • Mill Valley, CA
10
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21
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Insurance

Insurance Payout - Claim as income?

Josh Edelson
  • Rental Property Investor
  • Mill Valley, CA
Posted Feb 3 2023, 15:16

I had a fire at one of my houses. Insurance paid me $30k and it will cost $30k in repairs. Do I need to claim $30k in income AND $30k expenses? Can I JUST claim the expenses? Can I just not claim either since it's a wash?

Thanks!

- Josh

San Francisco, California
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