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Leviathan777
Guest
I'm hoping that someone could help me to answer a hypothetical situation...Let's say, Jon is in a car accident in which his rear fender is damaged. Mark was at fault, and in order to avoid dealing with the insurance companies. He tells Jon to send him an estimate for the repair costs. Jon does so, and Mark sends a check for that amount to Jon. Jon decides he does not want to make the repair. Does he still have to pay taxes on the money he received from Mark? And if he does, he could always have the repair done and then exclude it from his taxes. I'm kind of curious. Any help would be appreciated!