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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.
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,
I just want to confirm that there is no benefit (for tax purposes) in tracking discounts?
Robyn
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