Accounting question insurance payment

sylvia, Mar 5, 12:46am
Are payouts from EQC and insurance classed as income for tax purposes? Eg Situation arising from selling a rental as is where is.

oskybosky, Mar 5, 10:38pm
I think you will find that you will have to pay tax on the depreciation claimed in the past, but you won't have to pay tax on the entire sale value. I'm no accountant, perhaps you need to get some advice.

sylvia, Jan 7, 6:14pm
I am aware of the depreciation tax clawback but was wondering how any insurance payment would be treated. Thanks for your replies.

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