Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Are Insurance proceeds taxable for loss of income due to Federal Disaster?
Are Insurance proceeds taxable for loss of income due to Federal Disaster?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
1Dee1035
Level 1
08-30-2024
08:41 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
STORES CLOSED FOR 10 DAYS. Insurance paid $17,000 for "Loss of Business". This was in a Federally Declared Disaster Area.
Labels
1 Comment 1
Terry53029
Level 14
08-30-2024
08:55 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I believe the funds are taxable as it was not for a capital loss. The policy should be carefully read to be sure. I would also call the insurance company to verify.
