Is restitution i receive by court for vehicle damage resulting from a car accident is it taxable.

Hasan1255 · ‎June 3, 2019

Vanessa · ‎June 3, 2019

Restitution generally is not taxable income if you did not receive more than your basis in your vehicle.

If you received insurance money and restitution causing you to receive more money than you had into your vehicle, the excess is taxable.

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Vanessa · ‎June 3, 2019

Restitution generally is not taxable income if you did not receive more than your basis in your vehicle.

If you received insurance money and restitution causing you to receive more money than you had into your vehicle, the excess is taxable.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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