https://ttlc.intuit.com/community/retirement/discussion/i-recved-a-final-settlement-of-my-volkswagen-amount-of-5k-is-this-taxable-and-where-should-i-report/01/721934#M69058 Thu, 06 Jun 2019 15:10:53 GMT camiandjae 2019-06-06T15:10:53Z https://ttlc.intuit.com/community/retirement/discussion/i-recved-a-final-settlement-of-my-volkswagen-amount-of-5k-is-this-taxable-and-where-should-i-report/01/721934#M69058 Thu, 06 Jun 2019 15:10:53 GMT https://ttlc.intuit.com/community/retirement/discussion/i-recved-a-final-settlement-of-my-volkswagen-amount-of-5k-is-this-taxable-and-where-should-i-report/01/721934#M69058 camiandjae 2019-06-06T15:10:53Z https://ttlc.intuit.com/community/retirement/discussion/no-if-this-was-a-situation-where-your-car-was-totalled-a/01/721941#M69060 <P>No, if this was a situation where your car was totalled and you received an insurance settlement, there wouldn't be a taxable event unless this was a business vehicle.&nbsp;</P><P>You would subtract your cost basis (what you paid for the car) from the $5K you received to determine a gain or loss. If you paid more for the car than what you received as a settlement, you'd have a loss, but it's not deductible (or reportable) because it's a personal loss.</P> Thu, 06 Jun 2019 15:10:54 GMT https://ttlc.intuit.com/community/retirement/discussion/no-if-this-was-a-situation-where-your-car-was-totalled-a/01/721941#M69060 IsabellaG 2019-06-06T15:10:54Z