What would you like to do?

Do you pay taxes for auto insurance 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 .

Do you pay taxes for auto insurance settlement?
A settlement is usually split into two parts, recovery of damages sustained, and pain/suffering (putative). For recovery of costs, the settlement is not taxed. For pain/suffering it is taxed.
1 person found this useful
Thanks for the feedback!
Follow

You starred as Private Jessica Lynch in the NBC television movie "Saving Jessica Lynch," based on the unforgettable real-life event that made headlines around the world. How was it different acting in a movie based on a true story compared to acting in a fictional movie?

View Full Interview

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 an EEOC settlement?

I have not researched this question recently and tax law can change. Last time I looked this up, discrimination settlements were a personal injury and as such not taxable inco
Do you have to pay taxes on a life insurance pay out?

Do you have to pay taxes on a life insurance pay out?

  Answer   One of the still remaining, best aspects of Life insurance, (the  investment aspect of which has been generally agreed to be poor at  best) is that the

Do you have to pay taxes on workers compensation settlements?

Amounts received as workers' compensation for an occupational sickness or injury are exempt from tax if paid under a workers' compensation act or a statute like one.act. The e

Do you have to pay taxes on a workmen's compensation settlement?

    TAX OR NO? SEE US       It is my understanding that monies collected in any form which are not specifically exempted from tax status are considered

Taxes do you have to pay on a slip and fall settlement?

Settlements that are paid for a physical injury are not taxed. The  settlement that you receive for a personal injury claim such as  slip and fall cover lost wages, medical

Do you pay tax on a winning settlement in a lawsuit?

  This depends on what the settlement consist of. Any part of the settlement that is reimbursement for medical expenses or pain and suffering is not taxable. If part of th
Do you pay taxes on an auto insurance settlement?

Do you pay taxes on an auto insurance settlement?

I had a huge settlement from an auto insurance company and it was not taxed. However I believe that was because my attorney negotiated a type of settlement that made it non-ta
Do you have to pay taxes on an insurance claim?

Do you have to pay taxes on an insurance claim?

Typically, the recipient of a claim payment is not required to report it as income. If the company is paying you for damages or injuries most likely it is not taxable. If you

Do you pay taxes on injury lawsuit settlements?

For the most part, no. It would be too much to factor into the total equation. In other words, making sure the settlement covered the full amount of the injuries-medical, etc-

Do you have to pay taxes on your workers comp settlement?

  You need to check with your work comp state laws, but in most states you do not have to pay taxes on your settlement. You can usually google something like "your state-w

Do you have to pay federal or state taxes on an insurance claim settlement?

  Answer   For US Federal taxes, it would depend on who was paying the premiums for one thing. If you pay the premiums yourself and the loss is not business related,

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

If an auto insurance pays for medical claims and a settlement is received from an at-fault driver for bodily injury is that to repay the insurance co?

 According to my insurance company, if i receive money from the  at fault other driver as in a settlement, then yes I have to repay  my own insurance company for the medic