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We got a check for $18 in 2011 as a settlement for excessive foreign transaction fees charged by our credit card company. Seems to me that as a return of an overcharge, this should not be taxable. But you can't be too careful. Taxable or no?

--fleg
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No. of Recommendations: 4
Not taxable unless you were deducting whatever it was that generated the fee that your credit card overcharged.

IOW - the taxability follows the original purchase. If the purchase was deductible, then the refund is taxable. If the purchase was not deductible, the refund is not taxable.

--Peter
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