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1Dee1035
Level 1
August 30, 2024
Question

Are Insurance proceeds taxable for loss of income due to Federal Disaster?

STORES CLOSED FOR 10 DAYS.  Insurance paid $17,000 for "Loss of Business".  This was in a Federally Declared Disaster Area.

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1 reply

Terry53029Intuit Community Champion
Intuit Community Champion
August 30, 2024

I believe the funds are taxable as it was not for a capital loss. The policy should be carefully read to be sure. I would also call the insurance company to verify.

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