Yes, it is taxable. google involuntary conversion gain

来源: 柠檬椰子汁于 2019-11-14 12:04:20 [档案] [博客] [旧帖] [给我悄悄话] 本文已被阅读： 0 次 (526 bytes)

回答: 请教，保险赔的钱不用报税吧由宇哥于 2019-11-14 11:38:50

First, the $2000 repair cost is not deductible because it came out of insurance payout, not from you.

Second, the $3000 left over from insurance payout is called "involuntary conversion gain", and you need to pay tax on it.

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• 谢谢 -宇哥- ♂ (0 bytes) () 11/14/2019 postreply 12:26:02

• 啊？是这样！ -JustTalk- ♀ (0 bytes) () 11/14/2019 postreply 12:32:44

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