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

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

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

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

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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

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

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