Are insurance settlements taxable income?

Answer Insurance settlements are typically not considered to be taxable income. The settlement amount would only be taxable if you made a profit on the transaction, as in the case in which payments receiv... Read More »

Top Q&A For: Are insurance settlements taxable income

Are Insurance Settlements Taxable?

The Internal Revenue Service (IRS) may count insurance settlements as taxable income. If you are in an accident and injured, or your car sustains damage, money you receive to repair your car is not... Read More »

Are home insurance settlements taxable?

Whether or not an insurance settlement is taxable depends on whether or not you received any gains from the settlement. Settlements with no gains are not taxable; however, any money above what cove... Read More »

If one received a financial compensation for loss of limb from an insurance company is that money taxable and should it be included as income for income tax in Ontario Canada?

That is going to depend on your destination. For example, if you are flying into the United States you could opt to get travel insurance from American Visitors Insurance, a well known travelers' he... Read More »

Is disability insurance taxable income?

Determining if the benefits are taxable depend supon whether the premiums were paid before or after taxes. If before taxes, the disability income you receive is taxable. If youpremiums were paid af... Read More »