Discussion:Rebates taxable, yes then no
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Discussion Forum Index --> Basic Tax Questions --> Rebates taxable, yes then no
Discussion Forum Index --> Tax Questions --> Rebates taxable, yes then no
| 16 February 2008 | |
| Reading yesterday, came to conclusion rebates would be taxable or reduce refund in 2008. Today I read IRS QA and they say no, but they say keep for filing your 2008 taxes. Can get very confusing when trying to explain to clients. What are others telling their clients. | |
Wkstaxprep (talk|edits) said: | 16 February 2008 |
| i can't imagine they are taxable, they are stimulus checks.
it's not like a real estate rebate check for nyc residents where you would reduce your r/e tax deduction the following year by the rebate check. i would say i am 98% sure it's not taxable (i have not researched this however) and you even wrote that you read a QA that said not taxable. anyway, get back to the 2007 returns and worry about this stimulus check after tax season :) | |
| February 16, 2008 | |
| Non taxable in 2008. You are eligible for x amount of dollars. If you get the full amount in rebate form you will get no more when you file 2008 return. If you do not get the allowed amount you will get the balance as a credit when you file the 08 return | |
| February 16, 2008 | |
| Correct, Clr600. The rebates are not taxable. This is the same as the 2001 rebates. | |
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