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1099 reporting of business interruption payments
February 16, 2024
Q. I work for an insurance company and understand that business interruption/income replacement payments to our insureds (resulting from property damage claims, for example) are required to be reported on a 1099 issued to our insured. Is it only reportable if we know the amount that is considered income replacement? What if it's a settlement or release of all claims and damages with no allocation of property damage versus income replacement?
A.
(Answered by IOFM's third-party tax experts)
If…
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