My daughter crashed my vehicle and it was a total loss. They paid me the market value of the car, do I still need to add that amount to my taxes?

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My daughter crashed my vehicle and it was a total loss. They paid me the market value of the car, do I still need to add that amount to my taxes?

NO, you do not deduct a casualty loss if you were reimbursed by the insurance company.

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My daughter crashed my vehicle and it was a total loss. They paid me the market value of the car, do I still need to add that amount to my taxes?

NO, you do not deduct a casualty loss if you were reimbursed by the insurance company.

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