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If I received a refund from the manufacturer of a faulty home improvement product, is that refund tax deductible? I spent $12,000 and received $8,000 back for warranty
We purchased a new home a few years ago and spent $12,000 on new flooring. It failed and I requested a refund for the faulty flooring product to which the manufacturer paid $8,000 to me. Do I need to claim this as income if it is a refund of my money spent on the flooring? The company sent me a 1099, but not sure if I have to claim it or not.
‎February 27, 2025
5:48 AM