is there any irs document talk about that? Also, does the credit card company need to submit the tax information about they give out the money to the reward member?
2007-12-09 05:32:21 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
can't find the details about "non-deductible expense" in irs.gov for these kinds of situation. I would like to see some more information for this.
thank you
2007-12-11 07:35:00 · update #1
It's a reduction of a non-deductible expense so it isn't classified as income on a personal return.
If the credit card is used by a business, any reward program funds must first be used to reduce the interest expense claimed so that effectively makes it taxable as if it was income.
2007-12-09 06:17:44 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
One the place there is not any annual fee and you will surely use the rewards. My experience has been whilst they get complicated, they alter this technique or i do no longer use the rewards. I surely have a Chase card that skips the tricks and supply me a million% funds back each and each month and a Citicard that provides me 5% on Shell gas, it relatively is placed close to my homestead and a million% on each thing else. The credit is in Shell gas, yet i don't have difficulty spending that plenty on gas, these days.
2016-12-10 17:34:09 · answer #2 · answered by berson 4 · 0⤊ 0⤋
No, it isn't taxable income, it's basically just a return in another form of what you paid.
2007-12-09 05:46:09 · answer #3 · answered by Judy 7 · 1⤊ 1⤋