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  • FIRST POST
    • pramsay13
    • By pramsay13 9th Apr 18, 6:35 PM
    • 363Posts
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    pramsay13
    Insurance payout as income?
    • #1
    • 9th Apr 18, 6:35 PM
    Insurance payout as income? 9th Apr 18 at 6:35 PM
    I'm completing my property rental tax return.
    Does an insurance payout I received last year count as income and is therefore taxable?
Page 1
    • AnotherJoe
    • By AnotherJoe 9th Apr 18, 6:52 PM
    • 9,413 Posts
    • 10,406 Thanks
    AnotherJoe
    • #2
    • 9th Apr 18, 6:52 PM
    • #2
    • 9th Apr 18, 6:52 PM
    Did the property suffer damage and you claimed on the insurance? If so, no.
    • pramsay13
    • By pramsay13 9th Apr 18, 6:58 PM
    • 363 Posts
    • 797 Thanks
    pramsay13
    • #3
    • 9th Apr 18, 6:58 PM
    • #3
    • 9th Apr 18, 6:58 PM
    Yes the property suffered damage and I claimed on the insurance.
    If not claiming the insurance payment as income I assume I don't claim the repair costs as an expense.
    • davidmcn
    • By davidmcn 9th Apr 18, 7:03 PM
    • 7,658 Posts
    • 7,799 Thanks
    davidmcn
    • #4
    • 9th Apr 18, 7:03 PM
    • #4
    • 9th Apr 18, 7:03 PM
    They're an expense to the extent that they exceed the insurance proceeds.
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