Mr. Due Able
 |
It shouldn't due to the fact you didn't work for the airline~ |
|
Bill
|
No, it's a reimbursement for your loss. You lost stuff you owned, you got paid back. No tax. |
|
Arthur R
 |
If the airline lost your luggage, and they amount the repaid you is less than the value of what you lost and less than the tax basis, you don't need to report it, and it's not income. If your net less is more than $100 (per incident) plus 10% of your AGI (Adjusted Gross Income) for the year, you may have an itemized deduction to report on form 4684.
If it's greater than the value (ha!) or greater than the tax basis (generally cost) of what you lost, you need to fill out the appropriate tax form to see what gain, if any is taxable. |
|
Judy1
|
No, a reimbursement isn't income and isn't reported on your tax return. |
|
pjbthree
|
Not taxable. Instead, to the extent what you lost was worth more than the airline paid you and you can prove it you can deduct that to the extent it exceeds a certain percentage of your income. |
|
bostonianinmo
|
If you just received money from the airline for the lost luggage then that's not taxable, unless they reimbursed you more than the value of what you lost. Having been through that more times that I'd care to think about, I can say that that's not very likely though!
If you somehow claimed that as a deduction on your taxes (though it really isn't deductible) then you would have to claim the money from the airline as income. |
|
Frank R
|
No, it is a reimbursement, and that is not income. |
|
rtfm
|
No. That's not "income" that's just replacement for the stuff you lost. You already paid your taxes on the income you used to buy that stuff in the first place. |
|
SAMD010
 |
It all depends on what you had in your luggage . . . You could claim over $10,000 in "anything" and that would be like "one dependent" right there . . . Did they actually award you more than that? . . . |
|
Dont_taze_me_bro
 |
Money received from an insurance claim is always tax free. The money was for lost luggage, you incurred a loss and you were made whole by the settlement. |
|
porcelina_68
 |
No. |
|
Lil Wolf
|
I'm not a tax expert, but I would think that if you purchased something originally and were then reimbursed for the item that was lost by someone else, that's not income.
Ex: You bought $200 luggage, they lost it. You're left with nothing. Then they reimburse you the $200 you spent. You've broken even. |
|
GPlus
|
no its sepprate ur not getting it back from the state or federal ur getting it from a company |
|
Shelly
|
No, definitely not it is a reimbursement for your loss, silly but you do have to claim it as an income and you have to declare the loss |
|
no idea?????
|
no it is not you file under income another column will remove as legitmate out of pocket non credit sounds complex no effect at all easier on return forms than explanation good luck |
|
Isaac
 |
No, this is simply a replacement of lost luggage. It should not be reported as income. |
|
blondieinlove
|
Sure. |
|
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
