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New Member
posted Feb 2, 2025 2:20:26 PM

is a payment from my car insurance company to pay for a wrecked vehicle considered income in new mexico

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1 Replies
Employee Tax Expert
Feb 2, 2025 2:24:41 PM

No.  If this was a personal vehicle, the insurance proceeds are not taxable unless you received more than the value of the wrecked vehicle (if it was totaled).