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P
PRIYA
Level 3
January 26, 2023

Tax on reward for reference

  • January 26, 2023
  • 2 replies
  • 12 views

My client got a reward of $500 in the form of rent reduction for referring a friend to the rental office.

Should I include this as income on Schedule B?

    This topic has been closed for replies.

    2 replies

    sjrcpa
    sjrcpa
    Level 15
    January 26, 2023

    Schedule B is for interest and dividend income.

    Was the rent reduction on their personal residence or a business property?

    The more I know the more I don’t know.
      P
      PRIYAAuthor
      Level 3
      January 26, 2023

      Rent reduction was for personal property, one time discount of $500 for reference.

      BobKamman
      BobKamman
      Level 15
      January 26, 2023

      Doesn't make any difference whether personal or business, it's income.  Just because they kept it under $600 to avoid issuing a 1099, doesn't matter.  

      P
      PRIYAAuthor
      Level 3
      January 28, 2023

      Thanks. Where do you suggest I declare it.

      BobKamman
      BobKamman
      Level 15
      January 28, 2023

      Line 8z, Schedule 1.  Or you might want to use Line 8i, so you don't need to enter an explanation.  

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