If I received 500.00 dollars from my car insurance for buying a Jeep. Do report this on my taxes? If so as what ?

rdaniela_64 · ‎June 4, 2019

MinhT · ‎June 4, 2019

This amount can be considered as a reduction of your insurance premium and as such is not taxable,

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MinhT · ‎June 4, 2019

This amount can be considered as a reduction of your insurance premium and as such is not taxable,

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Opus 17 · ‎June 4, 2019

No, it would be considered a discount on the cost of your policy.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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