Hello,
In Oct 2022 there was a fire in our rental property in another state. We have been working on the house and completing the repairs at this time. The house was insured for repairs. I have had the insurance payouts deposited into the Paypal account I use for the property. My question is how do I go about separating the payouts on the 1099 so I do not have them as income? For ex: it shows I took in 43K in December.
Thank you,
Karen
You'll need to sign in or create an account to connect with an expert.
It depends. Form 1099-K is an informational report from payment processors to the IRS. TurboTax does not provide a separate topic for entering 1099-K because these payments could result from many different sources. You decide how you wish to report the income (if any) on your tax return, even if you don't report the entire amount from 1099-K.
Insurance proceeds are generally not taxable, as long as the money is used to repair the damage to or replace the insured property.
Any other income included on Form 1099-K should be reported under the appropriate area of your tax return.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Magnfdplaid878
Level 1
amarvin1
New Member
psfcadd_1
Level 1
dpress1
New Member
kgorm
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.