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tjk589
New Member

Totaled Vehicle

My insurance company totaled my car, used for personal use. I had Car Replacement Assistance which added 20% to the Actual Cash Value (ACV) I received for the settlement. I did not receive a 1099. Do I have to claim the additional 20% Car Replacement Assistance as Other Income?

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1 Reply
KrisD15
Expert Alumni

Totaled Vehicle

No, not unless that 20% brought it up to be over the purchase price. 

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