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Should you have to pay income tax on an insurance settlement for theft?
Wiki User
∙ 15y ago
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).
Wiki User
∙ 15y ago
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What is redistribution income?
Theft
How can you find out if your insurance covers losses from employee theft or customer nonpayment?
read the declarations and the policy, have your agent explain if you do not understatnd.
Do you have to pay taxes on a theft insurance claim?
Generally, no because all the settlement is doing is making you whole for what you already had. You are not getting paid a profit (which would be taxable). Now, if a lawsuit is involved and your side prevails, there are other mechanics in motion like that for emotional stress (don't know if that would be taxable), and punitive damages (punishment to the insurance company (That is taxable). There is another reason you would not have to be taxe as well, and that would be, technically, if you are paying a deductible as well, you are actually getting a loss.
Pass the journal entry for loss by theft?
loss by theft A/c to purchases
What is the journal entry for theft of stock?
debit theft of stockcredit inventory / stock account
Is there insurance I can get for my GPS incase of theft?
Your vehicle insurance policy should cover the theft of your GPS unit.
What does commercial shop insurance do?
This type of insurance is tailor made to your business. It insures you against employee insurance claims, stock theft or damage, building damage and assists you to claim from almost any disruption from your income.
Where can one apply for theft insurance?
To apply for theft insurance you can go to an insurance company and ask for their theft insurance policies. An associate will go over the options and find the one that works for you.
Does your insurance cover theft from saddlebags on a motorcycle?
Your motorcycle insurance will not cover theft from your motorcycle. Just the same as with your automobile, the theft is covered by your home or renters insurance.
What is redistribution income?
Theft
Will theft charge disqualify you from getting insurance license in utah?
It is possible for a theft charge to disqualify you from getting an insurance license.
If a vehicle is stolen and you haven't made this month's payment is it possible it can be repossessed?
You should have reported the theft as soon as possible. Regardless of theft, you are responsible for the payments. Hopefully, you had theft insurance to make the payoff for you.
Whose insurance company do we report to if the vehicle that was stolen was borrowed from a friend?
You should report the theft immediately to the police and to the car owner's insurance company.
If my car was stolen out of state is it covered?
If you have theft insurance with your policy, yes. It should not matter where your vehicle was stolen.
Where can one purchase identity theft insurance?
One can purchase identity theft insurance from a range of different insurance companies. Three of the companies that accommodate this insurance are Geico, StateFarm and Nationwide.
How long do you have to report items stolen?
The theft should be reported as soon as the theft is discovered. Otherwise late reports may be questioned by insurance companies or by the police in any future actions or claims relating to the theft.
Who offers Identity Theft Insurance in the great lakes area?
Many insurance companies offer this. One such insurance company that offers identity theft insurance is Great Lakes Insurance Associates (http://www.greatlakesins.com/)
