Does your credit card cash back bonus count as income? - cash back credit card offers
My friends tell me I was not to their cash bonus on your new income tax credit claim, under a certain amount. Is that true?
Monday, January 11, 2010
Cash Back Credit Card Offers Does Your Credit Card Cash Back Bonus Count As Income?
8 comments:
From the Wall Street Journal:
The IRS does not have any public guidance on whether cash discounts specific card backs are subject to income tax, said a spokesman for the agency. However, the IRS has established a private letter ruling in 2002 that some of the discount cards are not included in gross income of the taxpayer. Although a private letter decision applies only to taxpayers who will not be applied to these decisions as an indicator of the thinking of the Agency on a specific topic. Tax professionals say that the rebates are usually regarded as a reduction of the purchase price, and are unlikely to be taxed. Discounts on purchases for investment made for the task or may have a complex, so consult a tax adviser.
From the Wall Street Journal:
The IRS does not have any public guidance on whether cash discounts specific card backs are subject to income tax, said a spokesman for the agency. However, the IRS has established a private letter ruling in 2002 that some of the discount cards are not included in gross income of the taxpayer. Although a private letter decision applies only to taxpayers who will not be applied to these decisions as an indicator of the thinking of the Agency on a specific topic. Tax professionals say that the rebates are usually regarded as a reduction of the purchase price, and are unlikely to be taxed. Discounts on purchases for investment made for the task or may have a complex, so consult a tax adviser.
in general would be more than $ 600 for a card
However, you have a number of them, all under $ 600, but the total of more than $ 600, then you really need that all
You do not say, regardless of the amount. It is considered a rebate is not taxable income.
You do not say, regardless of the amount. It is considered a rebate is not taxable income.
You do not say, regardless of the amount. It is considered a rebate is not taxable income.
You do not say, regardless of the amount. It is considered a rebate is not taxable income.
You do not say, regardless of the amount. It is considered a rebate is not taxable income.
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