Hi,
Can anyone help me with a tax query? I am the landlord of an apartment that recently suffered water damage and required major repairs. I am scheduled to receive an insurance settlement that includes compensation for lost rent. My question is, should I treat this payment as income and pay tax on it accordingly? Is it essentially treated as rent money?
Any help or comments from people who have been in similar situations greatly appreciated.
Maybrick
Can anyone help me with a tax query? I am the landlord of an apartment that recently suffered water damage and required major repairs. I am scheduled to receive an insurance settlement that includes compensation for lost rent. My question is, should I treat this payment as income and pay tax on it accordingly? Is it essentially treated as rent money?
Any help or comments from people who have been in similar situations greatly appreciated.
Maybrick