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Updated about 4 years ago,
Insurance settlement taxable?
I have a friend that recently received an insurance settlement that far exceeds the cost to repair the damage from a small fire at one of their rental properties. They made the repairs and now are left with a hefty windfall.
I know that this is not the end all be all place for tax advice, however, has anyone encountered this before? I am concerned that they will have to pay taxes on the "gains" from the insurance settlement.