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Question on cash back rewards...

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awdsmama
Established Contributor
‎02-23-2013 05:17 PM
‎02-23-2013 05:17 PM

Question on cash back rewards...

Possible stupid question...not sure what made me think of it.....Are the cash back rewards taxable? 

 

 

Fico: 701 (5/22/14) 682 (5/9/2014)
Discover IT $5,200 / CU Visa $1,000 / JC Penny$3,000
App Free since 2/2013
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distantarray
Established Contributor
‎02-23-2013 05:21 PM
‎02-23-2013 05:21 PM

Re: Question on cash back rewards...

don't think so I never use cash back cards, but i think it falls more under rebate than income


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
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LS2982
Mega Contributor
‎02-23-2013 05:30 PM
‎02-23-2013 05:30 PM

Re: Question on cash back rewards...

No.


EQ FICO 548 3/3/16
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andre181
Established Contributor
‎02-23-2013 05:48 PM
‎02-23-2013 05:48 PM

No. There are considered rebates which are not taxable.

No. They are considered rebates which are not taxable.

Discover IT $35K | FNBO Visa $30K | Cash+ Visa Sig $19.5K | Southwest Premier $16K | Priceline $15K | Citi Forward $14.3K | US Bank Plat $14K | Commerce Bank $13K | CSP $13K | CSR $10K | Sallie Mae World MC $10K | Lowe’s Consumer 10K | BoA Cash Rewards 1-2-3 Sig $7.5K | Fidelity Visa $7K | Citi Double Cash $6.5K | WF Cash Back Visa $5.4K | Capital One Cash Rewards $5K | AMEX BCE $3.9K | Freedom $2.5K | Younkers/Comenity $2.4K | Kohl’s 1.5K | Target $1.4K | EX FICO (from AMEX): 768, TU FICO (from Discover): 797, AAoA: 4.4 years
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awdsmama
Established Contributor
‎02-23-2013 06:01 PM
‎02-23-2013 06:01 PM

Re: Question on cash back rewards...

Thank you!

Fico: 701 (5/22/14) 682 (5/9/2014)
Discover IT $5,200 / CU Visa $1,000 / JC Penny$3,000
App Free since 2/2013
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