No. Income you give back is for refunds of purchases and similar payments.
Also, gifts are limited to $25 per person. You may want to enter it as a Fee of some sort instead if you gave cash back at closing. As long as it's included in your 1099-MISC, you can deduct it as an expense.
If it's not included in your 1099-MISC or gross income, then you cannot deduct it.
How to get to that
area
:
While inside the software and working on
your return, type Schedule C in the Search at the top of the
screen (you may see a magnifying glass there). There will be a popup that
says Jump to Schedule C. Select that to get to the general
area.
- Business Income and Expenses
- select Edit next to your business (if
it is there)
- scroll to Business Expenses
- then, Other Common Business Expenses
- select that, then on the next screen you will see
categories and can choose Other Miscellaneous Expenses
After selecting Other
Miscellaneous Business Expenses, you will be able to type a description and the
amount.
Follow through all the areas in the Business section of the
TurboTax software and it will provide you with a lot of assistance. You'll
notice blue links that have more information and details about the particular
sections that will be extremely helpful.
Also, this link may be helpful to you IRS Small
Business Help Center .
[edited 3/3/2017]
