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Box 6 on form 1099-G is Taxable Grants. By grant, that means you received something of value that you don't have to pay back, sort of like a gift. Grant income is reported as Other Income on your tax return.
If the income was associated with a business or investment, related expenses would be deductible. But since the income is associated with personal property, the value of your auto is not deductible in my opinion, since losses on personal items are not deductible, accept in the case of casualty or theft.
You can't deduct the value of a personal auto that was dismantled. You could only deduct it if you used it in a business.
Thanks! My state’s rebate counted as my income. Income should get reduced by value of my car because dismantling it was a requirement by state to get the rebate. Otherwise I could have sold my car at fmv.
The problem is you received a grant, you didn't sell the auto, but I see what you are saying. What box was the income reported on the form 1099-G?
Box 6 of form 1099G. Also, on one hand state gave rebate to buy EV then even CA state wants income tax on it besides IRS!
Thanks!
Box 6 on form 1099-G is Taxable Grants. By grant, that means you received something of value that you don't have to pay back, sort of like a gift. Grant income is reported as Other Income on your tax return.
If the income was associated with a business or investment, related expenses would be deductible. But since the income is associated with personal property, the value of your auto is not deductible in my opinion, since losses on personal items are not deductible, accept in the case of casualty or theft.
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