26 USC 123 - Amounts received under insurance contracts for certain living expenses

U.S Code last checked for updates: Nov 22, 2024

§ 123.

Amounts received under insurance contracts for certain living expenses

(a)

General rule

(b)

Limitation

Subsection (a) shall apply to amounts received by the taxpayer for living expenses incurred during any period only to the extent the amounts received do not exceed the amount by which—

(1)

the actual living expenses incurred during such period for himself and members of his household resulting from the loss of use or occupancy of their residence, exceed

(2)

the normal living expenses which would have been incurred for himself and members of his household during such period.

(Added Pub. L. 91–172, title IX, § 901(a), Dec. 30, 1969, 83 Stat. 709.)

cite as: 26 USC 123