Am I responsible for paying taxes for insurance payments on a claim for repairs to my truck?

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Am I responsible for paying taxes for insurance payments on a claim for repairs to my truck?

Asked on May 6, 2014 under Insurance Law, Maine

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Under the laws of all states in this country, insurance payments for the costs of repairing a damages item such as your truck is a non taxable event. It is simply deemed a return of "capital" for the premiums paid for insurance. As such, you pay no taxes on the insurance check you have received.


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