Solved: Is the insurance money i got from totaled car reportable as income?

Is the insurance money i got from totaled car reportable as income?

posted

No - An insurance claim for property damage is not taxable, as long as it doesn't exceed the basis of the car.

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No - An insurance claim for property damage is not taxable, as long as it doesn't exceed the basis of the car.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Is the insurance money i got from totaled car reportable as income?