n5756k Posted February 1, 2017 Report Share Posted February 1, 2017 I finished everything for the ADS-Rebate and am now just waiting for the $500.00 check. Does anyone have any experience how long it takes to get the check in the mail? Quote Link to comment Share on other sites More sharing options...
N6758N Posted February 2, 2017 Report Share Posted February 2, 2017 Took me about 10 days to get it 1 Quote Link to comment Share on other sites More sharing options...
TheTurtle Posted February 2, 2017 Report Share Posted February 2, 2017 3 weeks ish. was damn fast considering its the gubment. Quote Link to comment Share on other sites More sharing options...
neilpilot Posted February 2, 2017 Report Share Posted February 2, 2017 Remember rebates are taxable income in the year received. Quote Link to comment Share on other sites More sharing options...
XXX Posted February 2, 2017 Report Share Posted February 2, 2017 7days for mine Quote Link to comment Share on other sites More sharing options...
Brandontwalker Posted February 2, 2017 Report Share Posted February 2, 2017 I finished everything for the ADS-Rebate and am now just waiting for the $500.00 check. Does anyone have any experience how long it takes to get the check in the mail? Mine was delivered in one week. Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
DMJones Posted February 2, 2017 Report Share Posted February 2, 2017 Couple of weeks for me Quote Link to comment Share on other sites More sharing options...
CaptRJM Posted February 2, 2017 Report Share Posted February 2, 2017 I received mine in about 2 1/2 weeks Quote Link to comment Share on other sites More sharing options...
Andy95W Posted February 3, 2017 Report Share Posted February 3, 2017 On 2/1/2017 at 8:22 PM, neilpilot said: Remember rebates are taxable income in the year received. Has anybody who received a rebate check in 2016 done their taxes yet? I'm trying to figure out where and how the $500 gets accounted for. And wouldn't the government have to send you a 1099? Also, I just looked it up in IRS Pub 525 and it says this about rebates: ----------------------------- Cash rebates. A cash rebate you receive from a dealer or manufacturer of an item you buy isn't income, but you must reduce your basis by the amount of the rebate. Example. You buy a new car for $24,000 cash and receive a $2,000 rebate check from the manufacturer. The $2,000 isn't income to you. Your basis in the car is $22,000. This is the basis on which you figure gain or loss if you sell the car and depreciation if you use it for busi ness. ------------------------------- So is anyone even POSITIVE that it is taxable? Quote Link to comment Share on other sites More sharing options...
Jeev Posted February 3, 2017 Report Share Posted February 3, 2017 two weeks for me Quote Link to comment Share on other sites More sharing options...
neilpilot Posted February 3, 2017 Report Share Posted February 3, 2017 5 hours ago, Andy95W said: Has anybody who received a rebate check in 2016 done their taxes yet? I'm trying to figure out where and how the $500 gets accounted for. And wouldn't the government have to send you a 1099? Also, I just looked it up in IRS Pub 525 and it says this about rebates: ----------------------------- Cash rebates. A cash rebate you receive from a dealer or manufacturer of an item you buy isn't income, but you must reduce your basis by the amount of the rebate. Example. You buy a new car for $24,000 cash and receive a $2,000 rebate check from the manufacturer. The $2,000 isn't income to you. Your basis in the car is $22,000. This is the basis on which you figure gain or loss if you sell the car and depreciation if you use it for busi ness. ------------------------------- So is anyone even POSITIVE that it is taxable? Positive it's taxable. If the rebate was from the dealer or manufacturer, it would be considered a price adjustment and NOT be taxable. Also a 1099 is only required at or above $600, so don't expect a 1099. It's still taxable. Entered it as "other income" in my tax software but have not actually filed yet. Quote Link to comment Share on other sites More sharing options...
Andy95W Posted February 4, 2017 Report Share Posted February 4, 2017 Thanks Neil. That's helpful. Quote Link to comment Share on other sites More sharing options...
Sean S Posted February 4, 2017 Report Share Posted February 4, 2017 Took four weeks to get mine. Quote Link to comment Share on other sites More sharing options...
neilpilot Posted February 4, 2017 Report Share Posted February 4, 2017 6 hours ago, Hyett6420 said: I dont live in the USA but i would in the UK take a rebate as a price reduction not a taxable income. I would be suprised if it was different over there. Andrew, be prepared to be surprised. An Mooney owner who also practices tax law has issued an opinion, on MS, that the rebate is taxable. AOPA has posted "The ADS-B rebate is considered taxable income, according to the FAA " The FAA indicated in it's rebate announcement that one reason it decided against a larger rebate was the desire to not need to issue tax notification, i.e. a 1099. 1 Quote Link to comment Share on other sites More sharing options...
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