In 2018 I replaced my furnace and water heater and got a $1100 rebate from EFI/MassSave. Is this $1100 taxable income on my federal tax return? Is it taxable on my Massachusetts tax return?
011788
1 Best answer
BMcCalpin
Level 13
Jun 1, 2019 11:07:10 AM
The rebate is not considered taxable income.
If the equipment installed cost $4,000 to put in, the basis of the equipment is now $2,900 ($4,000 less rebate).
It just reduced the cost basis of the equipment.
1 Replies
BMcCalpin
Level 13
Jun 1, 2019 11:07:10 AM
The rebate is not considered taxable income.
If the equipment installed cost $4,000 to put in, the basis of the equipment is now $2,900 ($4,000 less rebate).