A deductible is a product of first party vehicle coverage. You are able to choose the amount of that deductible. The higher your deductible, the lower your premium. Remember, insurance is a 'shared risk'; if you choose NO DEDUCTIBLE, your rate will be higher - if you choose a high deductible, your rate will be lower. The salvage value has no relationship to the deductible at all. You will owe your deductible whether your vehicle is repaired or considered a total loss. Your premimums are based on the deductible you chose, so at no time will your company waive that deductible. You are given the choice of the deductible amount when you purchase the policy. The salvage value is not technically deducted, it is actually added back IN, after the vehicle is sold at salvage market. YOU, as policyholder, have the option to 'retain the salvage', that is, retain the vehicle, in which case, the salvage value would REMAIN deducted, i.e., remain 'out of' the settlement value. Deductible: an option given at the time of policy inception; policyholder controls that amount by choosing ... Salvage value: the amount at which the vehicle sells at a salvage auction, unless the policyholder/owner wishes to retain the vehicle (i.e. 'retain the salvage')
Perhaps you did not phrase the question the way you meant to? If you received a settlement, I am baffled as to why you would think that money you received is tax-deductible. If you still have some expenses that were not covered by the settlement, you may be able to claim a casualty loss deduction or a medical expense deduction. If you paid out a settlement, it would only be deductible if it were a business expense.
The correct spelling of the noun or adjective is deductible.
"Personal" interest is NOT deductible.
PMI is not a deductible expense.
Yes, it is deducted.
Money can be deducted from a payslip. However, in some jobs it is illegal to deduct money. There may be a minimum wage that must be paid.
yes...as long as its done for your business and your business has the income to deduct it from
Generally, the premiums are not deductible, and benefits would not be taxable income.
No. Personal expenses would not be deductible on your income tax return.
Of course not. Garnishment's are payments for something that was not deductible in the first place. Why would the fact that they have to forcefully take it from you make it tax deductible.
Not only can you not deduct it, you might be required to pay a special "gift tax" on it.You can deduct money given to certain types of charities, but anything earmarked for a particular person cannot be deducted.
Yes, corporations can deduct lease payments. Property lease payments and vehicle lease payments are deductible in the year paid or accrued.