Heres some anwsers...
1. NO, you do not have to show what you paid for it. Its none of their
business. They must use the current market vaule (RETAIL not trade in)
2. NO. Settelment income is non-taxable.
I've been in a wreck or 2 before. As long as you dont rush into a
settelment, you'll be ok. When you rush it, they'll get the impression
youre up to something.
Gary Hedlin
"The Crazy Quadraplegic"
ghedlin@theramp.net (business)
ragingquad@yahoo.com (personal)
**Also Webmaster For**
http://garyhedlin.com
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...And Many More!
"b" <flipper4258@yahoo.com> wrote in message
news:20020802010140.6613.qmail@web20708.mail.yahoo.com...
>
> Got in a wreck last Thursday in the Dakota. Dumb *itch
> cut in front of me at a yellow light and was ticketed
> for her stupidity. Today, my insurance company decided
> my '98 4x4 CC is worth $15,800. Since I paid $13k six
> months ago, I'm not going to argue their payoff.
>
> Questions:
> They insisted on knowing the price I paid. I feel the
> fact that I got a decent deal should not sway my
> settlement an iota.
>
> I would imagine the $2800 is taxable, but so help me
> God, if the entire 15.8k is taxable I'm going to be
> pissed.
>
> Thanks in advance.
>
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This archive was generated by hypermail 2b29 : Fri Jun 20 2003 - 12:05:11 EDT