I bought a new heat pump for a rental apartment. The cost was $5400, but I got a rebate of $800 from the local utility that was reported to me on a 1099G.
I would like to reduce the cost of the asset by $800 and not report the $800 as income since the heat pump is a 27.5 year asset and I don't qualify for the small taxpayer safe harbor. But I am worried that this not correct.
Suggestions?
