How do I enter a capital credits refund? I received it from my local telephone company.

Forum|Forum|1 year ago
January 28, 2025
1 reply
0 views

No text available

Best answer by MinhT1

These refunds are a return to clients of a portion of the company profits and is a reduction of the price the clients paid.

If this is for your personal phone line, then you do not enter the refund on your tax return.

If the phone line was a business phone line and you previously claimed the expense for your business, then you enter the credit as Other income for your business.

MinhT1Answer

These refunds are a return to clients of a portion of the company profits and is a reduction of the price the clients paid.

If this is for your personal phone line, then you do not enter the refund on your tax return.

If the phone line was a business phone line and you previously claimed the expense for your business, then you enter the credit as Other income for your business.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"