2011/03/31

Q&A: When filing an income tax return, do I need to include insurance refund from auto accident? | Tax Income Return

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Tax Income Return
by calebjc

Question by remembranze: When filing an cash flow tax return, do I need to incorporate insurance coverage refund from automobile accident?
When filing an revenue tax return, do I will need to consist of insurance coverage refund from automobile accident? My auto was complete loss. My insurance spend off my loan for the vehicle and gave me back again $ 6000 following the payoff. Do I require to report this when filing my revenue tax return?

Tax Revenue Return

Greatest solution:

Answer by bostonianinmo
Assuming that they compensated you the fair marketplace value of the car, and that that was much less than you compensated for it in the very first place, you do not want to claim that on your tax return.

What do you assume? Answer beneath!

Tags: automobile accident, income tax return, insurance coverage, Tax Refunds.

Filed under Tax Income Return by taxrefunds on Mar 31st, 2011. Comment. #

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2011/03/31
Reply

Judy @ 7:42 pm #

If some of the amount was for lost wages, you’d have to claim that. But not any amount that was reimbursement for the value of the car or for medical expenses.

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