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| *Loan,banking and credit>>>car tax |
I received a settlement from an insurance company for a car accident. Must I claim the settlement on my taxes |
I received a settlement from an insurance company for a car accident. Must I claim the settlement on my taxes It depends. If you received compensation for injury, property damages or medical bills, you do not have to report it. It is not income, it is compensation. If the settlement was for lost wages or included an amount for lost wages, those must be included, if not already on your W-2s. I would call the IRS or look online at www.irs.gov, folks here will give you information as if it were etched on marbel tablets by the almightys hand but they are often wrong. No, of course not, it is not income. If it is a large injury settlement, and you invest it, you have to declare the interest on it as income. No, it surely isn't earned taxable income, but rather compensation for loss. |
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