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Posted by GrandMarquis99 on March 12, 2007, 4:34 am
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> Our LLC rec'd $9000 on a damaged roof following Katrina in
> 06. We did not repair the roof.
>
> Is the $9000 taxable? As what, just taxable insurance
> proceeds? Or is it offset against the loss of value in the
> bldg. somehow?
It may, or may not be, depending on a variety of factors,
including whether you had already deducted the loss, whether
you had a gain or loss on the property for tax purposes
(taking into account the insurance proceeds), and etc. The
basics of this area are covered under IRS Pub. 547,
available online at:
http://www.irs.gov/publications/p547/
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