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I used a rebate app called ibotta and received $842 for several personal items. I do not have a business. Do I enter this as income in TurboTax? Or not?
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Business & farm
The short answer to this kind of question is no. Rebates, in general, are not taxable income to an individual taxpayer, unless that person first took a tax deduction for the cost of the item(s), when they originally bought the product(s).
That would be true, for instance, where a taxpayer has a business activity, and the rebates relate instead to an expense (i.e., tax deduction) for a good or service used in the conduct of that business.
In that instance, yes indeed -- a rebate on a purchased item or service does have a tax impact. However, if the item(s) are purely personal in nature, and with personal property specifically, the answer is no . . . for the reason that the underlying expense wasn't tax deductible in the first instance.
In other words, no deduction = no later need for a reversal (i.e., you don't need to report as taxable income) when a rebate is issued to you. It can safely be ignored, as the rebate is not considered taxable.
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Just passing by but wanted to let you know that this was indeed helpful. Thank you for commenting or I might never have completely understood this without having to do more research Lol