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Cash rebates (including money placed in your escrow for future payments made on your behalf). A cash rebate you receive from a dealer or manufacturer of an item you buy isn't income, but you must reduce your basis by the amount of the rebate. What this means, is that the cost of your home, less selling expenses, then less the realtor commission rebate equals the new cost basis for your home.
This information will be used when you sell your new home in the future. All records relating to the home purchase as well as capital improvements throughout the life of your ownership must be kept for the future.
Cash rebates (including money placed in your escrow for future payments made on your behalf). A cash rebate you receive from a dealer or manufacturer of an item you buy isn't income, but you must reduce your basis by the amount of the rebate. What this means, is that the cost of your home, less selling expenses, then less the realtor commission rebate equals the new cost basis for your home.
This information will be used when you sell your new home in the future. All records relating to the home purchase as well as capital improvements throughout the life of your ownership must be kept for the future.
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