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Level 1
June 1, 2019
Question

About 2.5 years ago, I received an insurance check for about $3,000 for damage to my car. Because we were moving, I never fixed the car. Is this amount taxable?

  • June 1, 2019
  • 1 reply
  • 10 views
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1 reply

Level 15
June 1, 2019

No it's not taxable.  The damage to your car reduced the value of your car.  You got some cash, but your car is worth less. 

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