Received large check from Insurance Co. that just about covered the cost of replacement car; but we still paid out of pocket. How do we record large check amount on taxes
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Received large check from Insurance Co. that just about covered the cost of replacement car; but we still paid out of pocket. How do we record large check amount on taxes
It would seem that the large check from Insurance Company is not income and we should not have to report this apparent windfall that really wasn't a windfall at all.
Received large check from Insurance Co. that just about covered the cost of replacement car; but we still paid out of pocket. How do we record large check amount on taxes
Insurance proceeds for the loss of a personal vehicle are not taxable and don't need to be reported on your tax return.