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New Member
posted Jun 4, 2019 4:34:23 PM

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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1 Best answer
Expert Alumni
Jun 4, 2019 4:34:24 PM

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

2 Replies
Expert Alumni
Jun 4, 2019 4:34:24 PM

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

Level 15
Jun 4, 2019 4:34:27 PM

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