Tax Time: Do You Have to Pay Taxes on Credit Card Rewards?

Tax Time: Do You Have to Pay Taxes on Credit Card Rewards? - http://cardguys.com Avatar Posted by amabaie under Taxes
From http://cardguys.com 2782 days ago
Made Hot by: Young on February 20, 2013 5:30 pm
The question of whether or not your credit card rewards are income — and reportable to the IRS — depends on whether you are dealing with a rebate or a windfall. If it’s a windfall, you are supposed to report it as income and pay taxes on it. If it’s a rebate, though, you are in the clear. The good news is that most credit card rewards programs qualify as rebates.





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