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| Subject:
Money from an insurance settlement.
Category: Business and Money Asked by: marine66-ga List Price: $5.00 |
Posted:
31 Mar 2006 09:32 PST
Expires: 30 Apr 2006 10:32 PDT Question ID: 714024 |
Are monies received from an insurance settlement considered taxable income with tax dollars paid to the IRS? |
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| Subject:
Re: Money from an insurance settlement.
From: pinkfreud-ga on 31 Mar 2006 10:18 PST |
This may be of interest to you: http://www.answers.google.com/answers/threadview?id=314005 |
| Subject:
Re: Money from an insurance settlement.
From: perhaps-ga on 31 Mar 2006 15:03 PST |
This may depend on whether the settlement was for damage to property or for personal injury. It would help if you would provide this information. |
| Subject:
Re: Money from an insurance settlement.
From: iaal-ga on 14 Apr 2006 17:53 PDT |
Reimbursement for losses that have not yet been declared as tax deductions might not be taxable. If you discover that the settlement is taxable, you may be able to arrange with the defendant (or ins. co.) to stagger your award over several years (with interest), so that you are not hit all at once with a large tax liabilty. |
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