Do You Have to Pay Taxes on an Accident Insurance Settlement?

Answer The money from the insurance settlement pays for several different categories of claims. It might be money for pain and suffering, replacement of your vehicle, punitive damages or reimbursement fo... Read More »

Top Q&A For: Do You Have to Pay Taxes on an Accident Insuran...

Do you have to pay taxes on car accident settlement from the at fault insurance company?

Answer I am a resident of New York State and was involved in a personal injury accident. The settlement that I received is considered wages. You will have to check with your state and local tax law... Read More »

Can a bank offer you a settlement on a charged off auto loan and later refuse the settlement offer because you received a check from your auto insurance company to fix your car from an accident?

Answer Yes, the bank or any lending institution can withdraw any offer unless a contract has been signed by all parties.

Do you pay taxes on an auto insurance settlement?

AnswerI had a huge settlement from an auto insurance company and it was not taxed. However I believe that was because my attorney negotiated a type of settlement that made it non-taxable. I thnk it... Read More »

Do I have to count insurance settlement as income on taxes?

The IRS does not consider an insurance settlement as taxable income if it is used to pay for property damage or loss or for medical expenses related to a physical illness or injury.Source:IRS: Sett... Read More »