Refund from title company for refinancing the house.

[optimistic1]

Do I need to include this as income?

Its basically a refund from the title company from a escrow/trust account?

Also, the old lender for the house will be sending me a refund from a escrow/trust account that they use to set aside the money for taxes due.

[lrprn]

Forced to make a guess, I would say yes, both will qualify as income if you get the refunds during the six calendar months before filing. The only way to know for sure is to get at least one knowledgeable legal interpretation.

[2Bshinyandnew]

My guess is that a refund from an escrow account would be an asset, same as any savings account or a tax refund...any accrued interest would be income.

[optimistic1]

Im not seeing how it is, because it's basically my money that I used to pay the mortgage company, they then apply it to principal and interest, mortgage and hazard insurance and taxes. It's basically the same money I spent, just being returned to me, its not like I earned it from somewhere else.