Rebate

The question that lingers: is the rebate check a taxable event. Will we include it on our 2008 tax returns and will it be taxed as ordinary income.

I have heard talking heads mention this. One said that the last rebate - early in the decade - was an advance on our next year's refund and was not federally taxed. He said that 8 or 9 states did consider it taxable.

Someone else I read says that it is not clear if it will be taxed. Possibly it will be.

So? Do we spend (we are instructed and expected to spend this $ to stimulate and save our economy) all of it or reserve about 40% to pay the state and the feds?

Which ever, bring it on. I'll work on our taxes this afternoon.

'til later