Are Car Accident Insurance Settlements Taxable?
As a general rule, all payments received from your car insurance company after a claim are not taxable. You won’t have to pay any tax for the money received as compensation for the damages you or your vehicle suffered. You will not have to report on your tax the money car insurance companies pay out on claims. Naturally, not everything is black and white in this matter. IRS may sometimes consider these payments as taxable. Compensations for Medical Expenses are Non-Taxable The money you receive as compensation after an accident…Read More