Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
gesmartinx3
New Member

Am I able to deduct a customer discount?

For example - An item costs $100.  Once a month I discount that item by 20% and the customer only pays $80.  Can I deduct the $20 on my taxes?
1 Best answer

Accepted Solutions
Lisa995
Level 12

Am I able to deduct a customer discount?

If you claim the $100 you WOULD HAVE received as income, then you can deduct the $20 discount. 

Its more common to report the $80 you received as income.

You cannot report income of $80 and the $20 discount given.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

View solution in original post

2 Replies
Lisa995
Level 12

Am I able to deduct a customer discount?

If you claim the $100 you WOULD HAVE received as income, then you can deduct the $20 discount. 

Its more common to report the $80 you received as income.

You cannot report income of $80 and the $20 discount given.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

View solution in original post

gesmartinx3
New Member

Am I able to deduct a customer discount?

Lisa - I appreciate your quick response! Thanks so much for your assistance.
Dynamic AdsDynamic Ads
Privacy Settings
v