USA Accounting for Rebates Received

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We are in the process of completing a building project. All costs related to this project have been capitalized as work in progress. We will be receiving rebates for various things in the coming months. Should these rebates be recorded as other income, or reduce the cost basis of the building? We are non-profit, so there are no tax implications to be considered.
 

kirby

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Rebates are not "income". They are a reduction of the cost basis of the item purchased.
 

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