26 U.S.C. § 123

Amounts received under insurance contracts for certain living expenses

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(a) General rule

In the case of an individual whose principal residence is damaged or destroyed by fire, storm, or other casualty, or who is denied access to his principal residence by governmental authorities because of the occurrence or threat of occurrence of such a casualty, gross income does not include amounts received by such individual under an insurance contract which are paid to compensate or reimburse such individual for living expenses incurred for himself and members of his household resulting from the loss of use or occupancy of such residence.

(b) LimitationSubsection (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.)Editorial NotesPrior Provisions

A prior section 123 was renumbered section 140 of this title.

Statutory Notes and Related SubsidiariesEffective Date

Pub. L. 91–172, title IX, § 901(c), Dec. 30, 1969, 83 Stat. 709, provided that: “The amendments made by this section [enacting this section] shall apply with respect to amounts received on or after January 1, 1969.”

Notes of Decisions

Cited in 3 cases (1 in the last 5 years), 1951–2023 · leading case: Stewart v. United States, 100 F. Supp. 221 (D. Neb. 1951).

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Stewart v. United States, 100 F. Supp. 221 (D. Neb. 1951). · cites it 6× “The pertinent result is Title 26 U.S.C.A. § 123 (a) and (b), 9 which follow: “(a) Amounts received as loans from the Commodity Credit Corporation shall, at the election of the taxpayer, be considered as income and shall be included in gross income for the taxable year in which…”

Fritz Thompson & Dora M. Thompson v. Comm'r of Internal Revenue, 322 F.2d 122 (5th Cir. 1963). “648, 76 Cong., 1st Sess., p. 8, 1939-2 Cum.”

In re: Anthony Scott Levandowski (N.D. Cal. 2023). “26 U.S.C. § 123 (a)-(b). Nowhere does the IRC contain a provision that indicates all 12 insurance is excluded.”

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