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Taxable Income?

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    #1

    Taxable Income?

    I just had a client in my office who has refinanced his house.I'm not sure how all that works but in the process of refinancing, he was given a check for $1812.00. It was called an escrow balance refund.

    I dont think this would be taxable. Does anyone disagree?

    Thanks in advance.

    Ken
    ken
    Tags: None
    #2
    Ken

    You are correct. Apparently the escrow account was overfunded and the mortgage company just refunded a portion of it.

    Comment

      #3
      Escrow Refund

      Escrow is money held on deposit by the lender for future payment of real estate taxes and homeowner's insurance. A refund of this money is not taxable income.

      Burton
      Burton M. Koss
      koss@usakoss.net

      ____________________________________
      The map is not the territory...
      and the instruction book is not the process.

      Comment

        #4
        thanks guys

        I didnt think it would be taxable but I appreciate your opinions verifying that.
        thanks again
        Ken
        ken

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        This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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