- I received a settlement from an insurance company for a car accident. Must I claim the settlement on my taxes
- Am I required to pay taxes on settlement money recieved via auto insurance that resulted from an accident?
- How much money should I ask for from the Insurance company for a settlement from an automobile accident ?
- What is a good settlement amount from an insurance company for a wrongful death in a car accident?
will i have to pay taxes on an insurance settlement from an accident?
08
Mar
Rachel W
March 8, 2010 at 10:07 am
No. an insurance settlement is reimbursement for medical bills, and repairs. It is not a net income.
Blue Rose
March 8, 2010 at 10:52 am
yes, income is income and will be taxed
so much for the land of the free
Gem
March 8, 2010 at 11:22 am
Depends, consult a tax accountant.
Be prepared for any insurance company that paid out (health, car, etc) to come after you for their money. It is happending all over.
Make sure your lawyer reads your insurance policies and that you take into account any required paybacks.
mbrcatz17
March 8, 2010 at 12:13 pm
No. Insurance settlements are reimbursement for your medical bills, lost wages, pain & suffering – no net income. So they aren’t taxable.
mamatohaley+1
March 8, 2010 at 1:10 pm
They are not taxable.