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June 5, 2019
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Is the insurance money i got from totaled car reportable as income?

  • June 5, 2019
  • 1 reply
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Best answer by Irene2805

No - An insurance claim for property damage is not taxable, as long as it doesn't exceed the basis of the car.

1 reply

Irene2805Answer
June 5, 2019

No - An insurance claim for property damage is not taxable, as long as it doesn't exceed the basis of the car.