thankyouOB
Well-known member
vin944 said:Let's assume that the CV rebate is taxable. I would think that for most of us, that taxable amount would be eaten up by the $7500 credit. (I didn't even use half of mine.) But then there is the state part that I can understand. So if you filed the fed w/o the $2500 CV and there is still alot of residue from the $7500 (as in my case), would you be concerned about an audit? I didn't include the $2500 but I have alot left over from the $7500 that it would matter anyway. Any thoughts?
i dont follow your question and inquiry:
you say assume that the CV rebate is taxable and you dont report it.
in that case, yes, I would worry about an audit because I did not report income.
making a mistake is OK. Not reporting income is not OK.
severe penalties can result, not just taxes owed and interest.