Pipeburst Condo

[sandra]

Hi all,

my condo got a pipeburst last year, Luckily I got insurance for income loss. Everymonth, I received a cheque from insurance company to cover for market rent of a condo. Income tax time, I assum I should record this amount as Rental income, please correct me if I am wrong.

Thanks
Sandra

 

[ChrisDavies]

That`s a great question! I believe you`re right, but I`m interested to hear from others. You may also want to contact your insurance agent.