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AndrewA87
Level 5
Jul 17, 2025 11:37 AM UTC
Solved

Gap Insurance refund

I received a Gap insurance refund check for a travel trailer that I paid off. 

Would that be considered taxable income?

    robtmAnswer
    Level 10
    Jul 17, 2025 1:54 PM UTC

    No, that's merely a return of your own money that you previously paid. Refunds of your own money are not taxable. 

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    2 replies

    Level 10
    robtmLevel 10Answer
    Level 10
    Jul 17, 2025 1:54 PM UTC

    No, that's merely a return of your own money that you previously paid. Refunds of your own money are not taxable. 

      Level 15
      Opus 17Level 15
      Level 15
      Jul 17, 2025 5:10 PM UTC

      It would only be taxable if the refund was more than the premiums you paid, and then only the amount over would be taxable. 

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