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March 18, 2025
Question

Totaled Vehicle

  • March 18, 2025
  • 1 reply
  • 0 views

My insurance company totaled my car, used for personal use. I had Car Replacement Assistance which added 20% to the Actual Cash Value (ACV) I received for the settlement. I did not receive a 1099. Do I have to claim the additional 20% Car Replacement Assistance as Other Income?

1 reply

KrisD15
March 18, 2025

No, not unless that 20% brought it up to be over the purchase price. 

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