Insurance Recoveries

[argentina]

Are insurance recoveries something i should report on my tax return. I had an insurance claim for a theft from my IP. The claim has been settled, I have received the funds but not yet replaced the stolen item (incidentally someone stole the screen door ! LOL)

 

[marg4000]

So long as you don't keep the money then claim on your tax for the replacement items you have been compensated for. Also ensure you no longer claim depreciation on the stolen item if it is on your schedule.
Marg

 

[argentina]

So long as you don't keep the money then claim on your tax for the replacement items you have been compensated for. Also ensure you no longer claim depreciation on the stolen item if it is on your schedule.
Marg

Thanks. That's what I thought but just wanted to be sure