Question: You spent $ 1 0 0 , 0 0 0 for a house and the insurance company paid you $ 1 5 0 , 0

You spent $100,000 for a house and the insurance company paid you $150,000 for your
total loss. You take the money and run and do not reinvest. Do you have a taxable income
issue?
a. No because you still could reinvest
b. Yes, you have more cash than basis so yes
c. no, it is insurance proceeds and insurance proceeds aren't taxable
d. I know i would not report it
You spent $100,000 for a house and the insurance company paid

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