TAXBILLY Posted December 26, 2007 Report Share Posted December 26, 2007 One of my NY clients received a check described as above. Rebates are normally not taxed. Can one of you New Yorkers verify that for me? Thanx, taxbilly Quote Link to comment Share on other sites More sharing options...
tom777 Posted December 26, 2007 Report Share Posted December 26, 2007 One of my NY clients received a check described as above. Rebates are normally not taxed. Can one of you New Yorkers verify that for me? Thanx, taxbilly No tax on Rebate check. However, you have to deduct the amount of rebate from your property taxes paid on Sch A. More information, go to www.nystax.gov Tom NY Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted December 26, 2007 Author Report Share Posted December 26, 2007 Thanx Tom. taxbilly Quote Link to comment Share on other sites More sharing options...
Don in Upstate NY Posted December 26, 2007 Report Share Posted December 26, 2007 One of my NY clients received a check described as above. Rebates are normally not taxed. Can one of you New Yorkers verify that for me? There are actually three different cases to consider: If your client receives a rebate check for LESS than the amount of his 2007 school taxes, and DOES NOT itemize, you do nothing. If your client receives a rebate check for LESS than the amount of his 2007 school taxes, and DOES itemize, you deduct the net school tax on Schedule A. If your client receives a rebate check for MORE than the amount of his 2007 school taxes, you enter the excess as other income on line 21. [Note for non-New Yorkers - the rebate checks mailed out in late 2007 are rebates on the 2007 school taxes. The rebate may exceed the tax paid because multiple (senior, star and veterans) school tax credits often reduce the school tax to zero. The rebate calculation ignores the veterans and senior credits.] Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted December 27, 2007 Author Report Share Posted December 27, 2007 Thanx for the info Don. taxbilly Quote Link to comment Share on other sites More sharing options...
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