How to report 1099Misc, S Corporation from Insurance Co

[Mairof]

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?

[IRonMaN · Accepted solution]

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.

[dascpa]

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

[Mairof]

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

[Mairof]

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