As a result of a fire damaging their residence, the Taylors must stay in a motel for
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As a result of a fire damaging their residence, the Taylors must stay in a motel for three weeks while their home is being restored. They pay $2,000 for the room and $500 for meals. Their homeowner’s policy pays $2,500 to reimburse them for the cost. They estimate that during the five-week period they would normally spend $300 for meals. Is the reimbursement taxable?
A partial list of research sources is
- Sec. 123
- Reg. Sec. 1.123-1
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Related Book For
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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