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FAQ

My car was totaled. The insurance paid me the amount. Is this amount taxable in the USA?
Tyler Hitchcock is right in that a total loss settlement on a totaled vehicle for the average tax paying American is generally not taxable.In the US, where this can get tricky is if you are writing off the use of the vehicle for business purposes.The IRS Publication 4345 (Rev 12–2016) on Settlements Taxability states:Loss-in-value of propertyProperty settlements for loss in value of property that are less than the adjusted basis of your property are not taxable and generally do not need to be reported on your tax return. However, you must reduce your basis in the property by the amount of the settlement.If the property settlement exceeds your adjusted basis in the property, the excess is income. For more information, see the Instructions for Schedule D, (Form 1040) Capital Gains and Losses and the Instructions for Form 4797, Sales of Business PropertySee that IRS document here: https://www.irs.gov/pub/irs-pdf/...