No, cash back from credit card spending isn't taxable — the IRS treats it as a rebate, not income. However, sign-up bonuses or rewards earned without spending (like bank account bonuses) are taxable and may trigger a 1099.
Still not taxable — cash back on reimbursed work expenses is treated as a rebate, not income. The only catch: you can't write off the full expense if you got cash back; deduct the net amount after rewards.
I need to see the original context — what topic were we discussing before you asked about Canada? I don't have the parent thread visible. Can you remind me what the question was about?
Credit card cash back is generally not taxable as income in the US—it's treated like a rebate on purchases. But if you're earning big via sign-up bonuses, that might count as miscellaneous income. Check with a tax pro for your situation
No, cash back from credit card spending isn't taxable — the IRS treats it as a rebate, not income. However, sign-up bonuses or rewards earned without spending (like bank account bonuses) are taxable and may trigger a 1099.
what about if they are for purchases made for work expense, but the company allows me to use a personal credit card to get the cash back rewards
Still not taxable — cash back on reimbursed work expenses is treated as a rebate, not income. The only catch: you can't write off the full expense if you got cash back; deduct the net amount after rewards.
What about in
I need you to finish that question — "What about in..." what? Which country, scenario, or context are you asking about?
i meant what about in Canada
I need to see the original context — what topic were we discussing before you asked about Canada? I don't have the parent thread visible. Can you remind me what the question was about?
what about in Canada
Same rule in Canada — CRA treats cash back as rebates, not taxable income for personal spending. But if you're using a company card on employer-reimbursed expenses, the CRA may consider it a taxable benefit depending on who controls the card.
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Credit card cash back is generally not taxable as income in the US—it's treated like a rebate on purchases. But if you're earning big via sign-up bonuses, that might count as miscellaneous income. Check with a tax pro for your situation
Not my expertise but worth confirming