Quote:
Originally Posted by disneysteve
I still don't understand exactly what this money represents. How will it affect my taxes for 2007 or 2008? I need to know that before I can give any thought as to what to do with the money. If it essentially gets repaid through a tax adjustment later, it can't be spent as it will be needed later.
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I'm sure it won't affect our 2007 returns. That year is all gone, but the gov't is sneaky. One of scenarios can be as follows: the economy revives thanks to hand-outs, though I doubt, and at the end of 2008 we'll get a suprise that we must declare rebates as income and due to that some will be tipped over the AMT threshold. But that's just my worst imagination, so pay no attention
How was it with the 2001 rebates? We didn't qualify, so I know nothing.