The insurance compensation is meager compared to what I paid to buy the car but that's the different Q.but I am confused,will that money will be considered as income and will I have to pay Income Tax on that?Any way I have lost the car but I am saved.
Answer by Ali M
No, you will not have to pay taxes on that.
Answer by mbrcatz
No, it's not taxable income.
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Orignal From: I have received the insurance compensation for a totally damaged car after accident.Will it be Taxable income?
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