If your car was stolen and insurance paid you the blue book value of car minus deductables would that be included in as your income?
2007-12-03 03:50:27 · 6 answers · asked by kitty 1 in Business & Finance ➔ Taxes ➔ United States
No, it's not income. If the insurance had been replacement value, the difference between blue book and retail would have been income.
2007-12-03 03:56:56 · answer #1 · answered by Anonymous · 1⤊ 0⤋
As long as your car would have sold for the Blue Book value minus your deductible, there is no income.
If your car would have sold for the Blue Book value, your deductible could be claimed as a casualty loss. If you had other losses in 2007, this might be a benefit to you. Casualty losses are basically limited to the amount in excess of 10% of your AGI.
2007-12-03 04:04:06 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
It is not taxable income. You might, however, be able to obtain a deduction depending upon how much of the loss you paid out of pocket.
2007-12-03 04:19:40 · answer #3 · answered by jwishz 7 · 0⤊ 0⤋
you're ultimate that $4,800 could be qualified scientific fees. that quantity (assuming she has no different scientific fees) could be decreased by 7.5% of her AGI to get the deductible scientific fees. For the vehicle twist of destiny, she could have a deductible casualty loss. form 4684 is used to compute a casualty loss, with the respond flowing to time table A.
2016-10-10 03:46:45 · answer #4 · answered by veve 4 · 0⤊ 0⤋
No, it's reimbursement for your loss, not income, so you don't report it on your tax return or pay tax on it.
2007-12-03 05:23:12 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
No, it is not income.
2007-12-03 04:10:33 · answer #6 · answered by Gary H 3 · 0⤊ 0⤋