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Subrogation payments
January 11, 2024
Q. Are insurance subrogation payments 1099 reportable? Is there any element of reportable income, since it is just a reimbursement of claim expenses from the at-fault party?
A.
(Answered by IOFM's third-party tax experts)
In general, subrogation payments are thought of as recovery of losses and reduce the insurance company's losses associated with the policy and as such are "fixed or determinable" income to the insurance company for purposes of I.R.C. sec. 6041 Form 1099 reporting -- but the…
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