My son's truck was stolen in 2024. He received about a judgement of about $1,000.00 for the stuff he had in the truck. Does he need to declare this as income on his taxes? We now live in SC, but the truck was stolen in MT when we lived there. The judgement is in MT. It says in MT that no taxes is needed if it doesn't exceed the value of the property. It doesn't even come close. I can't find the answer to this in SC. Can anyone help?
The insurance payment is not taxable unless it exceeds the value of the stolen property. Unless you or your son received a Form 1099 from the insurance company for the amount received, you don't need to report the insurance proceeds on your state or federal tax returns.
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