Taxes and Insurance : Uncle Sam May Not Be Entitled to Part of Your Payout

Did you know that some payouts regarding car and home insurance may not even be taxable? We encourage you to view these payouts in a different light rather than free money. It is in your best interests to view these payouts as being reimbursed for damaged property rather than prize money won from a bad situation. There are differences in what received money from certain insurance payments can be taxed and what money cannot. If you have received a large payout you should go and seek help from someone with experience with tax law concerning payouts to make sure you don’t make unnecessary and possibly costly mistakes.

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Taxes and Insurance : Uncle Sam May Not Be Entitled to Part of Your Payout

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