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N
nachurluvr
February 2, 2025
Question

is a payment from my car insurance company to pay for a wrecked vehicle considered income in new mexico

  • February 2, 2025
  • 1 reply
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    1 reply

    D
    DavidD66
    February 2, 2025

    No.  If this was a personal vehicle, the insurance proceeds are not taxable unless you received more than the value of the wrecked vehicle (if it was totaled). 

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