Jan 30
I may already be paying some fees to the credit card company or interest for which I am not really getting any tax break. So if the credit card gives me some rewards, or cash back…its just like they are giving me discount on money I am already paying them. It shouldn’t be thought of as extra income on which I need to pay state and federal taxes.
only if its worth more than 2000 dollars
Nope. Any discounts you get from credit cards are part of the contract between you and the credit card company. They’re considered “incentives,” not income.
This falls in the “gifts” category. Check the IRS code for that. I believe there is an allowable amount that is tax-free (and $2000 stated by the other answerer sounds right)
No you do not.
No, if it is a personal credit card.
Yes, if it is a business credit card used to purchase items for the business.
Only if you have deducted the interest as a business expense.