answersLogoWhite

0

Normally you don't have to worry about taxes. If, however, the payout is more than the adjusted basis, you have to report the extra cash as income.

As claim settlements are compensation for a loss, they need not be declared unless you received more than what the car costed.

User Avatar

Wiki User

12y ago

Still curious? Ask our experts.

Chat with our AI personalities

RossRoss
Every question is just a happy little opportunity.
Chat with Ross
ProfessorProfessor
I will give you the most educated answer.
Chat with Professor
LaoLao
The path is yours to walk; I am only here to hold up a mirror.
Chat with Lao

Add your answer:

Earn +20 pts
Q: Do I have to declare an insurance claim?
Write your answer...
Submit
Still have questions?
magnify glass
imp