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Level 2
February 25, 2024
Question

Last year my car was totaled (not my fault) & insurance paid me for it. I purchased a new car with this money plus additional funds from my savings. How do I report this?

  • February 25, 2024
  • 2 replies
  • 10 views
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2 replies

DawnC
Level 15
February 25, 2024

You don't.   That is a personal transaction and is not reported on your tax return.  

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texashiloAuthor
Level 2
February 25, 2024

Thank you, Dawn!