Are insurance disbursements taxable?

[2$phil]

What is the name of your state?What is the name of your state?What is the name of your state? Florida

I had a water line break in my house recently that caused considerable damage.
My insurance company sent me two checks. One for repairs to the house, the other for replacements of a few contents and exspenses for moving out while house is repaired.
My question is whether that money is taxable or not?
I plan on doing some of the repairs myself, but they won't be done until after the holidays and when hardwood floors comletely dry out.
I have been to the IRS web site ( like reading chinese math ) and am more confused now, than I was when I set out to gather info on the subject.
I believe it was pub 547 on casualties and losses that i was reading.
Any help or info would be greatly appreciated. Thanx in advance! 2$

 

[abezon]

The insurance checks are compensation for damages to your home. Therefore there is no gain & no taxable income. Whether you make repairs or not is up to you.

 

[2$phil]

will i have to fill out a bunch of forms? or do not even have to mention it on my taxes?

 

[abezon]

Don't even mention it. But keep records of the insurance payment in case of audit.

 

[shortbus]

In general, abezon is correct, ins co payments are not taxable.

However, if you take a casualty loss deduction for some part of the loss, then THAT part of the ins reimbursement IS taxable. You can't "double dip".