I purchased disability insurance from my bank when i got the mortgage on my home. This insurance paid my mortgage this year, is this taxable and how do i report this?
The bank disability insurance took effect when my wife got sick. They made the payments for the mortgage for the past year. Is this taxable income and how should it be reported?
I'm sorry to hear about your wife but you made a smart move by getting that insurance!. Those payments are not taxable since you paid the premiums yourself as part of your mortgage. They don't need to be included anywhere on your tax return.
