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Level 2
April 25, 2022
Question

Do I need to claim as income money I receive from non-dependent child for Auto Insurance

  • April 25, 2022
  • 1 reply
  • 0 views

My son pays me for his part of auto insurance and phone.  Do i need report this as income? He is over 18 and is not a dependent.

The amount I receive is $1560 for the year which covers the added cost difference of adding him to my account.

    1 reply

    Level 15
    April 25, 2022

    assuming you do not deduct the premium, the reimbursement would not be taxable.

     

    Lar_S319Author
    Level 2
    April 25, 2022

    Thank you for your reply. I do not claim any deductions for the insurance.