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Anonymous
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I received a dividend from my auto insurance provider this year (New Jersey Manufacturers). Is this dividend taxable?

 
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ToddL
New Member

I received a dividend from my auto insurance provider this year (New Jersey Manufacturers). Is this dividend taxable?

Unless you claimed a business deduction for your automobile insurance,  it is not taxable

While called a "dividend", it is a "return of premium paid". Automobile insurance premiums for personal-use of a vehicle are not deductible, so a return of any part of those premiums is not taxable.

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1 Reply
ToddL
New Member

I received a dividend from my auto insurance provider this year (New Jersey Manufacturers). Is this dividend taxable?

Unless you claimed a business deduction for your automobile insurance,  it is not taxable

While called a "dividend", it is a "return of premium paid". Automobile insurance premiums for personal-use of a vehicle are not deductible, so a return of any part of those premiums is not taxable.

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