[GNC] Are insurance proceeds income?

[Adrien Monteleone]

You need to ask that of a local CPA. Every jurisdiction will be different.

They will tell you the proper accounts to use for your specific situation.

We can help once you know those accounts if you still have questions, but any more info from this list would be dispensing accounting/tax advice, which gets dicey.

Regards,
Adrien

> On Sep 16, 2019 w38d259, at 7:38 PM, <ornd25 at tutanota.com> <ornd25 at tutanota.com> wrote:
> 
> 
> Are insurance proceeds income? If not, how do you characterize an insurance payout when they send you a check?
> 
> I've seen a reference online to using accounts receivable against lowered value of inventory, but that approach doesn't seem to apply to a homeowner who has storm damage or a fire.