You spent $100,000 for a house and the insurance company paid you $150,000 for your total...

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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. Yes, you have more cash than basis so yes O b. I know i would not report it Oc. No because you still could reinvest O d. no, it is insurance proceeds and insurance proceeds aren't taxable 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. Yes, you have more cash than basis so yes O b. I know i would not report it Oc. No because you still could reinvest O d. no, it is insurance proceeds and insurance proceeds aren't taxable 0