insurance payment for vehicle damage without repairs performed - taxable

[ross2022]

Is an insurance payment received for damage to a vehicle taxable if repairs are not performed? My gut says that since the property (vehicle) was devalued by the same amount, they are not, but would like to hear from an expert.

Thanks!

[NCperson · Accepted solution]

you are correct for the reasons you state 

[ross2022 · Accepted solution]

Thank you!