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Can you file for tax returns on only workmen's compensation?
NO WC income may or may not have been taxable, and may or may not have been withheld on when it was paid. It depends on the specific WC program and what the particular benefit is for. (Payments for loss of a body part, say an arm or such, aren't taxable - they just are to replace your loss. But payments for loss of income, which would have been taxable had you worked for it - certainly are taxable still). It also matters if the "insurance" was paid for by you or the employer. You will receive a 1099 saying what type of income yours was and what if anything was already withheld.
Do you pay taxes on money collected from a household insurance claim?
No, Hazard Loss compensation is not considered taxable income.
You recently received proceeds from an business insurance damage claim Are these proceeds taxable?
To get to the route of what your asking: The amount of the LOSS that is deductible is the unrecovered loss. Hence if you have claimed the entire loss as a deduction the amount of insurance you get is income - because essentially, you overdeducted the loss. If you have made no loss deduction claim, then u=insurance is NOT taxable as it is onlyr returning you to the position you were in before the loss.
Should you have to pay income tax on an insurance settlement for theft?
No, the payment is not taxable to the degree that it just replaces the value of your loss. However, if you previously, or currently, take a tax casualty loss for those items, that amount WOULD be taxable. (The receipt of the insurance made so you did not actually have a loss).
How are repairs and insurance settlements handed when filing taxes for a rental property that was damaged in a tornado?
If you deduct the cost of he repairs/loss...then the insurance settlment is taxable income (essentially replacing the amount of the deduction/loss you took and really didn't have because you were reimbursed for it). Or if you don't expense the repairs, the recovery isn't taxable.
Are life insurance payments reported on the balance sheet?
Cash value would be. Premiums would be on the Profit and Loss - Income Statement.
Do you pay taxes on a home insurance settlement from a tornado?
Not exactly. Reimbursement for the loss is not taxable income....just like simply selling the property at no loss/gain would not have been income. Common sense prevails here - what you CAN'T do is take a casualty loss for damages that are reimbursed by insurance. (The reimbursement means you didn't have a loss). To the degree you have an unreimbursed loss, that's fine. If you report a loss and then are reimbursed, essentially that would become income.
Is a homeowner's insurance claim taxable?
no. you are being reimbursed for your loss.
When a person receives an auto insurance settlement payment is the insurance company sending any notice of that payment to the IRS?
Payments of this kind are not taxable at all. This is considered as compensation for a loss of some kind be it injury or property.
Are Workmen's Comp benefits taxable income?
Actually it's no, they are not taxable.http://www.irs.gov/publications/p907/ar02.html#d0e206 Other PaymentsYou may receive other payments that are related to your disability.The following payments are not taxable.Benefit payments from a public welfare fund, such as payments due to blindness.Workers' compensation for an occupational sickness or injury if paid under a workers' compensation act or similar law.Compensatory (but not punitive) damages, for physical injury or physical sickness.Disability benefits under a "no-fault" car insurance policy for loss of income or earning capacity as a result of injuries.Compensation for permanent loss or loss of use of a part or function of your body, or for your permanent disfigurement.Yes, but they are taxed by a different criteria than normal income.
If I received a 1099 a is that money all taxable income?
Depending on whether the "sale" gave you a deductable loss, or a taxable gain you might or might not be liable to income tax.
Are workmens comp benefits taxable?
Actually it's no, they are not taxable.http://www.irs.gov/publications/p907/ar02.html#d0e206 Other PaymentsYou may receive other payments that are related to your disability.The following payments are not taxable.Benefit payments from a public welfare fund, such as payments due to blindness.Workers' compensation for an occupational sickness or injury if paid under a workers' compensation act or similar law.Compensatory (but not punitive) damages, for physical injury or physical sickness.Disability benefits under a "no-fault" car insurance policy for loss of income or earning capacity as a result of injuries.Compensation for permanent loss or loss of use of a part or function of your body, or for your permanent disfigurement.Yes, but they are taxed by a different criteria than normal income.
