Yes, it is taxable. google involuntary conversion gain

来源: 柠檬椰子汁 于 2019-11-14 12:04:20 [] [博客] [旧帖] [给我悄悄话] 阅读数 : (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.

https://turbotax.intuit.com/tax-tips/home-ownership/what-are-the-tax-implications-of-involuntary-conversions/L0Fj7jDUZ

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• 谢谢 -宇哥- ♂ 给 宇哥 发送悄悄话 宇哥 的博客首页 (0 bytes) () 11/14/2019 postreply 12:26:02

• 啊？是这样！ -JustTalk- ♀ 给 JustTalk 发送悄悄话 JustTalk 的博客首页 (0 bytes) () 11/14/2019 postreply 12:32:44

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