fire insurance claim and taxes

[Wade Fiegl]

Here's my scenario: I had a primary residence I lived in for almost 10 yrs (2000-2010). I then converted it to a rental in 2010. My tenants had a house fire...total loss in Dec 2011. If I collect on insurance an amount greater than my cost into the property and do NOT rebuild, but keep the 38 acre plot of land it was on will I owe taxes? If so what kind? If I later sell the land will I owe a tax? Thanks for any insight.