Read the full IRS ruling for yourself: https://www.irs.gov/pub/irs-wd/0721013.pdf
Situation 2 of Rev. Rul. 2006-27, 2006-21 I.R.B. 915
This situation involves a non-profit corporation which engaged in the practice of providing down payment assistance to low-income families and individuals towards the purchase of homes.
Rev. Rul. 76-96, 1976-1 C.B. 23, as modified by Rev. Rul. 2005-28, 2005-1 C.B. 997
This situation involves an automobile manufacturer that pays rebates to its customers who purchased or leased new automobiles.
In both of the above rulings, the IRS determined that the down payment assistance and rebates on automobile purchases are not included in the buyer’s gross income but rather are considered an adjustment to the purchase price of the home or automobile.
We’ve secured buyer broker commission rebates in NYC with the finest, most experienced local real estate brokers. Contact us today to be introduced to a veteran buyer’s agent in your area who has already agreed to provide you with a rebate discreetly after closing.