What would you like to do?

Do you have to pay taxes on money you received in a car accident settlement?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

General guidelines:

If the money you receive is to replace taxable income - loss of wages, for example - then there is a taxable situation. (You would have paid tax on the income had you received it normally).
If the money is to pay for hospital bills, household assistance, auto repairs or replacements - basically things to restore you to where you were before the event, then there's no taxable event (assuming you didn't tryto take a deduction for the casualty loss - meaning you can't deduct a loss that you are reimbursed for, as no loss actually occurred).
Thanks for the feedback!

Do you pay taxes on the settlement of an accident insurance claim?

You should of course check with your tax preparer or advisor. certain types of paid claims such as Loss of future income may be taxable. But In general the answer will be "NO

Do you pay taxes on settlement for lemon law settlement on a car?

I tried to find the answer to this question, too. After asking many friends, and googling for hours, I gave up - couldn't get a definite answer. Can anybody help?   Answ

Do you pay taxes on money from out of court settlement?

The following settlement amounts received by compromise or judgment  must be included in income on tax returns.    Interest on any award.   Compensation for lost w

Do you have to pay taxes on a personal injury settlement from a auto accident?

Generally speaking you do not have to pay taxes on personal injury settlements. However, in certain situations where (1) all or part of the proceeds of the settlement is treat

Are taxes withheld on a car accident settlement?

Yes this could be possible depending on what the settlement amounts would be made for.   Answer NOPE, can't touch them. IRS, Nobody can touch any money you get compensate

Do you need to give a W 9 tax form to the insurance company to receive your settlement money from a auto accident?

Most likely you will have to supply this information. I take it  that since you are asking the question they have requested one from  you. Fill out the form and get it back