Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-30-2015, 12:25 PM
Junior Member
 
Join Date: Mar 2015
Posts: 2
1099 Misc Insurance Claim

I received a 1099 Misc made out to a Contractor and myself from my Mortgage company. The Contractor's ID # is in the Recipients ID # box. The Contractor repaired my roof due to hail damage. When the Insurance Company issued a check for the claim it was made out to the Mortgage Company and myself and I signed it over to the Mortgage Company. Then when the work was completed the Mortgage Company issued a check to the Contractor and myself. Again, I signed the check over to the Contractor. I did not receive any of the money. It all went to the Contractor for the repair. Do I need to file this 1099 Misc on my taxes?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-30-2015, 11:46 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,233
Quote:
Originally Posted by datigood1 View Post
I received a 1099 Misc made out to a Contractor and myself from my Mortgage company. The Contractor's ID # is in the Recipients ID # box. The Contractor repaired my roof due to hail damage. When the Insurance Company issued a check for the claim it was made out to the Mortgage Company and myself and I signed it over to the Mortgage Company. Then when the work was completed the Mortgage Company issued a check to the Contractor and myself. Again, I signed the check over to the Contractor. I did not receive any of the money. It all went to the Contractor for the repair. Do I need to file this 1099 Misc on my taxes?
you need to report the amount on your tax return as income but you will also list the cost of the roof repair as a write off against that income. In the end it will not affect the amount of taxes you owe at all. Actually, the fact that you received the 1099-Misc does not mean that it is taxable; if you receive an insurance payment or other reimbursement that is more than your adjusted basis in the destroyed, damaged, or stolen property, you have a gain from the casualty or theft. Your taxable gain is;The amount the insurance reimbursement you receive minus
loss sustained on the damaged roof.Now if you show a loss, you are required to reduce the loss by any reimbursement and by $100 for tax year 2014. Then you need to reduce the total of your losses by 10% of your 2014 AGI.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 03-31-2015, 12:29 AM
Junior Member
 
Join Date: Mar 2015
Posts: 2
1099 Misc Insurance Claim

I am using Turbo Tax - where do I enter the "write-off"?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance claim paid on fire. How does IRS know? Onevibrantgal Rental Real-Estate 1 02-23-2015 08:21 PM
Can I Claim Mortgage Insurance Premiums not listed on 1098 Danyael32 Itemized Deductions 3 04-13-2011 12:58 AM
How do I claim a loss on a 1099-MISC? nickcalled Income 2 04-09-2011 07:07 PM
1099 misc. Do I have to claim this money from a lawsuit? sandi7820 Income 0 02-26-2011 12:35 AM
1099-Misc received for insurance claim proceeds kelly729 Income 4 02-01-2011 02:50 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning