Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 5
posted Jul 17, 2025 4:37:42 AM

Gap Insurance refund

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

Would that be considered taxable income?

0 2 5945
1 Best answer
Level 10
Jul 17, 2025 6:54:53 AM

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

2 Replies
Level 10
Jul 17, 2025 6:54:53 AM

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

Level 15
Jul 17, 2025 10:10:36 AM

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