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quickdrawer
Returning Member

Is a refunded insurance premium for a sold rental property, that was taken as a deduction a previous year, considered income? If so, where and how do I declare it?

The insurance premium was refunded the same year as the rental was sold.

1 Reply
KrisD
Intuit Alumni

Is a refunded insurance premium for a sold rental property, that was taken as a deduction a previous year, considered income? If so, where and how do I declare it?

It is a little bit of a grey area.

If you are a cash taxpayer, and you received (and paid) a bill in 2017, report the refund as income. Enter it as "Other Income".

If you pre-paid insurance in 2017, and deducted the expense on your 2017 return, you should amend the 2017 return.

https://ttlc.intuit.com/replies/6415925

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