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No. You purchased the insurance for the car with after-tax dollars which means you shouldn't have any taxable income. Being paid double the FMV doesn't mean you were paid more than you purchased the car for originally (full price not loan pay-off).
If you didn't receive a tax document from the insurance company there is nothing to report.
No. You purchased the insurance for the car with after-tax dollars which means you shouldn't have any taxable income. Being paid double the FMV doesn't mean you were paid more than you purchased the car for originally (full price not loan pay-off).
If you didn't receive a tax document from the insurance company there is nothing to report.
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