[GNC] Are insurance proceeds income?

[Stephen M. Butler]

On 9/16/19 5:38 PM, ornd25 at tutanota.com wrote:
> Are insurance proceeds income? If not, how do you characterize an insurance payout when they send you a check?

The real question is "Is it taxable?" to which the answer varies
according to your taxing authority.


I have always considered it "income" but I know of others who think it
is a "return of premiums paid".  Certainly it is also an offset against
a "loss".

>
> 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.
>