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If insurance pays more for a claim than it costs for repairs do you have to claim the additional payout as income for tax purposes?
Wiki User
∙ 15y ago
That means that it is really stupid
Wiki User
∙ 15y ago
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How does income insurance work, exactly?
You can qualify for income insurance if you become ill long term, or have a serious accident which prevents you from working or earning an income. As with car insurance, you need to choose the insurance package that is best for you. Additional information can be found at the following link: http://www.incomeinsurance.co.uk/
How is Loss of Income Insurance calculated?
I don't know how insurance calculate it, i think they should go after gross income instead of net income
Does welfare count as income for tax purposes?
Yes, as it replaces earnings.
What is the average income of a crop insurance agent?
The average income of a crop insurance agent is $6000 monthly. This translates to a salary of over $72000 per year.
How high is the cost of income protection insurance?
The cost of income protection insurance varies. It is dependent upon several variables and factors that will be unique to each situation.
How do you get bonded for doing computer repairs?
If you are talking about the insurance-type bonds, talking to an insurance agent specializing in business insurance should point you in the correct direction. Most of these are priced based on your income or expected income from the business.
Is money inherited from a parent's life insurance policy taxable income?
Death benefits are not taxable for income tax purposes.
can you get repairs on your home if your low income?
can you get repairs to your roof if your low income
How does income insurance work, exactly?
You can qualify for income insurance if you become ill long term, or have a serious accident which prevents you from working or earning an income. As with car insurance, you need to choose the insurance package that is best for you. Additional information can be found at the following link: http://www.incomeinsurance.co.uk/
How much life insurance to you need?
Life insurance serves several purposes within a financial plan. It is often used for family planning purposes as a replacement of income due to death of an income provider. It a key instrument in estate planning. The answer to your question is another question, what are you buying it for?
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.
Do you have to claim money from insurance repairs?
What! Insurance pays for financial losses. I don't understand your question. <><><> If you mean claim an insurance payment as income- that would depend on a lot of actors- so we cannot give you a blanket answer- however, in general- Let's say your car was stolen. Your insurance company paid you $1000 for it. Unless you claimed that as a casualty loss on your taxes, then it is income neutral- and would not be income.
What type of an account is repair expenses or income?
Expenses if your paying out for repairs / maintenance - Income is you are paid for undertaking repairs
Is Key Man insurance taxable?
No it is not. It is recorded as revenue for GAAP purposes, but is not considered business income. 10/18/2008
Landlord Insurance Can Protect You and Your Income?
If you rely on revenue from rental properties as your sole income or even as a supplement to other income, you need to have landlord's insurance to protect yourself as well as your assets. If someone is injured on property you own, you could be liable for thousands of dollars if you do not have landlord's insurance. Insurance can also protect you if your property is damaged and you cannot rent it until repairs are made. With landlord's insurance, you can restore your property and begin to generate revenue much more quickly after a disaster.
What is additional income?
Additional income is income you make apart from you main occupation. This can range from scrapping metal to babysitting. Depending on what you do for this additional income, you may or may not have to pay taxes on it.
How agriculture income is treated for income tax purposes?
direct income
