Total loss for our car

Lenny8 · ‎January 26, 2022

My husbands work car was rear ended and deemed a total loss. He is NOT self employed. He is employed at a factory. We received payments totally close to $9,600 for the car in January of 2022. The accident occurred in December 2021. Do we have to pay taxes on this money? If so do we pay the taxes this time around or next year?

AmyC · ‎January 26, 2022

If you owned the vehicle, insurance paid you for the vehicle value and that is not taxable. If the factory supplied the car, why did you receive insurance money?

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View solution in original post

AmyC · ‎January 26, 2022

If you owned the vehicle, insurance paid you for the vehicle value and that is not taxable. If the factory supplied the car, why did you receive insurance money?

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Total loss for our car