@sockfight wrote:
I had an extra car at the end of last year. It used to be my primary personal car ... the market value of the car actually increased and the insurance payout was higher than the fair market value at the time I placed the car in service. ... Do I have to pay tax on the excess value?
Probably not. It would only be a gain if the excess value was higher than your purchase price. TurboTax does not handle this situation.
