Humble Inquiry From New Member
Hi, I wish I had found this forum before I bought my house. In any case, this is my question--I have had my house about 2 1/2 years and refinanced this last fall. About 6 weeks after, I got a small amount deemed 'cash-back' and had the vague impression this had something to do with the escrow (not sure on that). So, is this taxable as other income? Just want to do the right thing. Thanks! ;)
Comments(0)
Escrow refunds are not taxable income, it is a refund of your unused contributions to the escrow account maintained by your former lender.
You've made me very happy, DaveT! Plus now I understand better what was going on--thank you!! Arlene
Quote:
On 2004-01-25 19:28, DaveT wrote:
Escrow refunds are not taxable income, it is a refund of your unused contributions to the escrow account maintained by your former lender.