Escrow hasnt been returned yet.

[highway star]

** taxes. since you are going to get the escrow founds after the first of the year, you will need to show them on next year tax return as 'income'. and good luck explaining to the IRS how-come you have such deposit without even working for the carrier for the tax year. you will need to show how they took it off of your settlements in prior years.

The money was income when it was deducted from settlements as the escrow built up, so it's the same as if you'd put it in the bank. It's just a different bank account.

 

[beachbum]

If you had a accident of any kind, even if not your fault, the will hold escrow.

Why would a accident give them a right to hold your escrow money, that is what insurance is for.

 

[xiggi]

Insurance does not necasarrily cover the entire cost if a lawsuit is involved would be my guess. I have no idea if an accident would cause a hold.

Sent from my Fisher Price - ABC 123

 

[redytrk]

Why would a accident give them a right to hold your escrow money, that is what insurance is for.

They said it was in case a claim would surface. (Then they asked if I needed the money? Well yes...DUH!!!) this prompted them to cut a check. I.E. Accident was not my fault. A soldier on leave went to sleep and rear ended the truck.

Insurance dosen`t cover everything. Deductibles etc.

 

[Deville]

Escorow is for the QC. It can't be held for any other reason such as IFTA or an accident claim. If a carrier tries to pull that crap they should be sued promptly.