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cebuszmann
New Member

Is a cash rebate for a smart thermostat from my energy company taxable at the federal and state (MN) level?

 
4 Replies
TomD8
Level 15

Is a cash rebate for a smart thermostat from my energy company taxable at the federal and state (MN) level?

[revised]  You'll find a detailed discussion of the topic in this web reference from a CPA journal: http://archives.cpajournal.com/old/13928356.htm

Bottom line (assuming the article is still correct): If the cash rebate is from the utility company and not from the product's manufacturer or dealer, it is taxable.  But if the rebate is in the form of a rate reduction or a credit on the utility bill, it is not taxable.

A cash rebate from the product's dealer or manufacturer is not taxable.


**Answers are correct to the best of my ability but do not constitute tax or legal advice.
cebuszmann
New Member

Is a cash rebate for a smart thermostat from my energy company taxable at the federal and state (MN) level?

Even if the product was purchased at a retailer but it was the gas/energy company that cut the rebate check? The rebate documents say it may be taxable and to check with a tax pro. Thanks!
TomD8
Level 15

Is a cash rebate for a smart thermostat from my energy company taxable at the federal and state (MN) level?

You're correct, that does make a difference.  See my revised answer above.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
cebuszmann
New Member

Is a cash rebate for a smart thermostat from my energy company taxable at the federal and state (MN) level?

Thank you!
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