"Cherrybounce" <chdav...[at]hotmail.com> wrote:

- quote -

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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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?

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >