How to report 1099Misc, S Corporation from Insurance Co

Forum|Forum|4 years ago
April 11, 2022
2 replies
14 views

The Restaurant burned down in 2021 and the insurance company game money for:

Loss of income and gave a 1099Misc. Is taxable and how to report in S Corporation?

Also, the insurance gave money for appliances(assets lost) and clean food debris removal. The S Corporation did not receive any form. Is taxable and how to report in Pro Series?

ProSeries Professional

This topic has been closed for replies.

Best answer by IRonMaN

The loss of income payment kinda sounds like taxable income, doesn't it.

The other payment can be net against the money expended for replacing the lost appliances, etc.

IRonMaNAnswer

Level 15

The loss of income payment kinda sounds like taxable income, doesn't it.

The other payment can be net against the money expended for replacing the lost appliances, etc.

Slava Ukraini!

M

MairofAuthor

Level 4

thank you very much Ironman, I really appreciate your answer. I think you are right.

dascpa

Level 11

Look at Section 1033 Involuntary Conversions for rules, reporting and replacement dates.

M

MairofAuthor

Level 4

Hi, dascpa, thank you for the information. It is help me a lot.

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