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- Are Insurance proceeds taxable for loss of income due to Federal Disaster?
Are Insurance proceeds taxable for loss of income due to Federal Disaster?
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1Dee1035
Level 1
08-30-2024
08:41 AM
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STORES CLOSED FOR 10 DAYS. Insurance paid $17,000 for "Loss of Business". This was in a Federally Declared Disaster Area.
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Terry53029
Level 14
08-30-2024
08:55 AM
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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.
