The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Cash Back...Taxable?||Date: 10/27/2012 9:14 AM|
|Author: TMFPMarti||Number: 116847 of 120801|
I've got a Bank of America cash-back credit card. Is the money I get back considered taxable income?
Personal use, no. It's a nontaxable rebate. See Pub 525.
Business use. I'll leave it to the pros to opine as to whether expenses should be reduced or the rebate shown as part of gross receipts. (To me it seems the latter is more straightforward.)
If so, does the IRS get any type of notification of the amount from BOA?
Rule Your Retirement Home Fool
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|