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We received a settlement for fixing our house after Hurricane Ike. Is this tax free ?
We have asked our CPA and the lawyer who handled our case. None really knew. Our CPA said something about us getting some papers next year to enter our tax return. We would like to know as much as we can in order to be prepared for this.
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I assume you are referring to a payment from your homeowner's insurance to pay for damage, right? Insurance payments to compensate for damage are not taxable. The only exception is if the damaged property is used for business and you have depreciated its value below the amount of the reimbursement. But for personal property there are no tax issues.
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