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Get your taxes done using TurboTax
No, a rebate is not taxable income unless the original expense was something you deducted in a prior year.
If this is related to your primary home, just keep this information in your financial records.
If the property is a rental or business use property, you need to reduce your deduction by the amount of the rebate.
For example, say you bought a home to rent to others. You paid $10,000 in real estate commission, but your realtor refunded $2,000. When you set up your rental, you would report the commission as $8,000.
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‎April 4, 2023
5:43 AM