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Do I have to pay taxes on rebates in this particular situation?

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  • Do I have to pay taxes on rebates in this particular situation?


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Answer #1 | 15/12 2013 15:13
For an individual, no. If you purchased those items for business, you have to claim the rebates as you didn't really pay full price.
Answer #2 | 15/12 2013 18:36
when you get a rebate the company is actually reducing the cost of the product, it is not income to you
Answer #3 | 16/12 2013 08:32
If the $1,000 was a deductible item -- business expense or itemized deduction -- that you took a $1,000 deduction for in the year that you spent the money, you must report as income any rebates received in a subsequent year. In all other cases this would simply be a reduction in price on an item that has no tax consequences so it is not income to you.

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