superflanker
Junior Member
Accident occured in NC, where the vehicle is registered.
A 1 year old brand new 07 BMW 50k was involved in an accident with a commercial vehicle on August 2008. The driver of the commercial vehicle admitted 100% responsibility. The victim was able to succesfully request money for repairs from the negligent driver's insurance company. Now the victim is attempting to collect diminished value. A physical appraisal by __ yielded an estimate of about $6300. The insurance hired their own appraiser, who only seems to work for insurance companies, arrived at an estimate of about $2200 without physically inspecting the vehicle. The insurance agent basically did an arithmetic average as a compromise. After attempting to negotiate to $5000, the victim was only able to get a token increase of about $200 dollars. Should the victim proceed to turn this into a legal matter?
Are the proceeds of diminshed values reported as income? It would appear that since this cash is compensation for a real loss, the answer should be no.
A 1 year old brand new 07 BMW 50k was involved in an accident with a commercial vehicle on August 2008. The driver of the commercial vehicle admitted 100% responsibility. The victim was able to succesfully request money for repairs from the negligent driver's insurance company. Now the victim is attempting to collect diminished value. A physical appraisal by __ yielded an estimate of about $6300. The insurance hired their own appraiser, who only seems to work for insurance companies, arrived at an estimate of about $2200 without physically inspecting the vehicle. The insurance agent basically did an arithmetic average as a compromise. After attempting to negotiate to $5000, the victim was only able to get a token increase of about $200 dollars. Should the victim proceed to turn this into a legal matter?
Are the proceeds of diminshed values reported as income? It would appear that since this cash is compensation for a real loss, the answer should be no.
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