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texashilo
New Member

Last year my car was totaled (not my fault) & insurance paid me for it. I purchased a new car with this money plus additional funds from my savings. How do I report this?

 
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2 Replies
DawnC
Expert Alumni

Last year my car was totaled (not my fault) & insurance paid me for it. I purchased a new car with this money plus additional funds from my savings. How do I report this?

You don't.   That is a personal transaction and is not reported on your tax return.  

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texashilo
New Member

Last year my car was totaled (not my fault) & insurance paid me for it. I purchased a new car with this money plus additional funds from my savings. How do I report this?

Thank you, Dawn! 

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