Do you pay taxes on an auto insurance settlement?

Answer 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 »

Top Q&A For: Do you pay taxes on an auto insurance settlement

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.

If an auto insurance pays for medical claims and a settlement is received from an at-fault driver for bodily injury is that to repay the insurance co?

AnswerAccording to my insurance company, if i receive money from the at fault other driver as in a settlement, then yes I have to repay my own insurance company for the medical related expenses the... Read More »

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

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 »

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 »