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DEMIGOD

99 Posts
Posted - 04/30/2004 :  09:09:25  Show Profile
Would any one be able to tell me if insurance proceeds arising from a claim are taxable under fedral tax law?

Also, if a claiment is paid less then the damages inccured can they itemize the differance and use it as a tax deduction?

katadj

USA
315 Posts
Posted - 04/30/2004 :  09:22:16  Show Profile
1) No

2) Yes
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DEMIGOD

99 Posts
Posted - 04/30/2004 :  09:38:11  Show Profile
Ok let me get this straight. Lets suppose that for some reason or another repairs to a claimants home is 15,000 dollars. This is the cost for repairing the covered loss. The cliament only recieved 10,000 dollars for the covered loss. The 5,000 differance is deductable correct? Just want to make sure I understand it fully.
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cat man do

USA
28 Posts
Posted - 05/03/2004 :  10:58:32  Show Profile
YES LOSS CAN BE DEDUCTED
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