If Auto Ins. pays more for wrecked car than we paid for car, do we show difference as income and where?

Forum|Forum|7 years ago
June 2, 2019
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TurboTax Basic Windows

KarenW

Level 5

If you were actually reimbursed for more than the value of the car, it would be considered other income. However, the fine print of the reimbursement may also include items such as car rental or misc expenses...which would not be included as income.

If Auto Ins. pays more for wrecked car than we paid for car, do we show difference as income and where?

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