alspach at math.okstate.edu
Mon Jul 30 15:12:55 EDT 2007
I don't think you should use an income account for this. This is
presumably payment from a loss. Your problem may be that what was damaged
may not be in your accounts, e.g., bodily injury. In theory you had
something of value, it decreased in value because of the accident and
the insurance company is replacing the lost value.
In the US this is not considered taxable income. If it is not something in
your accounts as an asset, at least I would label it non-taxable income.
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