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For US Federal taxes, it would depend on who was paying the premiums for one thing. If you pay the premiums yourself and the loss is not business related, then no. If your employer pays the premiums or if the loss is business related then maybe. Based strictly on the information given in this question, the answer would be no.
What else can I help you with?
Do you pay taxes on the settlement of an insurance claim?
You do not generally have to pay taxes on an insurance settlement claim. You can check with your tax firm or accountant for the rules specific to your state.
If I am not wearing a motorcycle helmet and I have an accident will it affect any settlement I may get?
If your state requires that motorcycle riders wear a helmet, and you were not wearing a helmet when you had an accident, insurance companies may use that against you to reduce any settlement. If your state has no helmet law, then insurance companies are prohibited from reducing your settlement by federal law.
I was injured in an auto accident and received a settlement. do i have to claim this as income?
No. Personal injury settlements are non-taxable. Double check with your state's commissioner of insurance, or the adjuster you settled with. It may vary by state.
Have a sinkhole claim pending with a out of state insurance Is there an insurance that will cover you until settlement you are not covered now?
That would probably be hard to find if you have an open claim pending. It's usuallly best to stay with that insurer is possible at least until the caim is closed before switching companies.
How long does state farm insurance company have to settle a house claim?
All Licensed Insurance Companies have to settle their submitted claims in accordance with the regulations as promulgated by the Department of Insurance in the state in which the claim occurred. In most U.S. states an insurer is required to make a reasonable settlement offer within 60 days barring extenuating circumstances such as a widespread disaster. Another mitigating factor on the 60 days is when the insured disagrees with the settlement offer. Remember though, The company only has to make a reasonable offer, If you disagree with the settlement offer then that automatically extends the amount of time it can take to settle. So it really just depends on your state regulations as to specific claims settlement and requirements.
Do you claim federal tax refund on this years federal tax?
No. But if you live in one of the states that allows a state deduction for federal taxes and you took such a deduction, you may have to claim it on your state return.
Can homeowners insurance specifically Travelers drop you in middle of claim and where can you get insurance if you have an open claim?
An insurance company cannot drop you in the middle of a claim. The state department of insurance sets standards for how long it takes for the insurance company to respond to a claim, and to issue payment once damage is verified. If they have stopped contact with you and have not given you a reason I would contact your state department of insurance and file a complaint.
How is the Unemployment Insurance program controlled?
federal and state
How long do you have to file an insurance claim after an accident?
Each state has different time periods of filing an insurance claim after an accident. Check with you state to make sure you do not miss the filing period.
If your insurance company drops you before a claim is settled how do you get insurance coverage on your home?
They should not drop you before a claim is settled. If they have contact your state department of insurance and file a complaint.
Do you have to claim a state tax refund on your federal taxes as income?
Yes. State refund must be claimed as income on your federal return.
Is there a statute of limitations for insurance companies to settle a claim on auto insurance?
Yes, but it varies by the state and insurance companies can extend the amount of time to pay claim, such as if they need to investigate fraud.
