Taxable Income?

[freefile23456]

I received a check for return of premiums on a cancer policy.  Is this taxable?

Also I sold some jewelry I've had for years to a refinery.  Is this taxable?

[AR_CPA2]

Hello freefile23456,

The return of premiums on an insurance policy likely won't be taxable unless there is a gain.  If you receive any payout on the insurance policy, it won't be taxable, because the policies are paid with post tax dollars.

On the other hand, the jewelry you sold will need to be reported on the tax return.

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

Have an amazing day.

AR (CPA 10+ years)