turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

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

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question