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My daughter received a payout from insurance for her car that was totalled by hail, is that considered income?
money received by insurance co. for totalled car was invested in 2014.
October 29, 2019
7:11 PM
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If the car was strictly for personal use, the insurance proceeds are not taxable and are not reported on her return
October 29, 2019
7:11 PM
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The insurance payout is not income. If the money was invested and earns dividends or interest, those earnings are taxable.
October 29, 2019
7:11 PM