Income Tax Information Needed
June 1st, 2010
Question: do i need to file the reward money(cash) from Credit Card’s reward program as income tax?
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?
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
Answer: 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.
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