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Casualty ins. proceeds if you don't make repairs?

Our LLC rec'd $9000 on a damaged roof following Katrina in

  1. We did not repair the roof. Is the 00 taxable? As what, just taxable insurance proceeds? Or is it offset against the loss of value in the bldg. somehow?
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Reply to
Cherrybounce
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It may, or may not be, depending on a variety of factors, including whether you had already deducted the loss, whether you had a gain or loss on the property for tax purposes (taking into account the insurance proceeds), and etc. The basics of this area are covered under IRS Pub. 547, available online at:

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Reply to
GrandMarquis99

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