I live in Florida and the money was received from the insurance company of the person who hit me.
Answer by Eddie D
Compensation does not normally rank as income but sums remitted from one country to another may be subject to a withholding tax. However if you were claiming a tax allowance (as equivalent to depreciation) for the car, the compensation would be treated as if you had sold it for that price.
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Orignal From: do I have to pay tax on insurance compensation for a car accident?
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