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What else can I help you with?
Do I need to pay taxes on an insurance claim payment?
No, the insurance settlement is considered compensation for a loss, not income.
Do you need to file your auto insurance claim with your taxes when filing them?
Your auto insurance claim has nothing to do with filing your income taxes. You file your auto claim by notifying your agent right when the incident occurs so they can start working on the claim as fast as possible.
Do you need to file an auto insurance claim for a fender bender?
You need to file an insurance claim on any accident in which a claim is going to be made on both parties.
Can you file an insurance claim if you did not get a police report?
Yes, you do not need a police report to file a insurance claim.
Do I need to file taxes for my child if I claim them as a dependent?
Yes, you may need to file taxes for your child if you claim them as a dependent, depending on their income and other factors.
How long does a child need to live with you in order to claim them on your taxes?
In order to claim a child on your taxes, they typically need to live with you for more than half of the year.
How do you calculate insurance claim?
Obviously need more detail...what type of claim etc..
Will your comprehensive auto insurance cover your car if you were not at fault in the accident but other drivers insurance denies claim?
Let your insurance company/agent handle the claim--they will collect from the other insurance if there is a valid claim. You'll need a police report.
How do I submit a claim to insurance?
To submit a claim to insurance, you typically need to contact your insurance company either online, by phone, or through their mobile app. You will need to provide details about the incident or situation for which you are making a claim, such as the date, time, and location of the event, as well as any relevant documentation or evidence. The insurance company will then review your claim and determine if it is covered under your policy.
Do I need to file taxes on insurance payment for home repair?
The amount that is for the loss of property is not taxable - as long as you didn't (and don't) claim a casualty loss on it for tax. (The payment means you have no tax loss).
Can you purchase liability insurance only when you need it?
By "only when you need it" do you mean only when you are aware of a claim or potential claim? If so, the answer is "NO". You cannot buy insurance on a burning house, so to speak.
Do I have to declare an insurance claim?
Normally you don't have to worry about taxes. If, however, the payout is more than the adjusted basis, you have to report the extra cash as income. As claim settlements are compensation for a loss, they need not be declared unless you received more than what the car costed.
