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Are bank cash back "rewards" reportable/taxable? I didn't receive a tax form from my bank.

 
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2 Replies

Are bank cash back "rewards" reportable/taxable? I didn't receive a tax form from my bank.

If the cash back is for personal purchases, then no.

JulieS
Expert Alumni

Are bank cash back "rewards" reportable/taxable? I didn't receive a tax form from my bank.

No, if you bank cash back rewards are based on personal purchases, the cash back amount is not taxable income. Leeloo is correct about that.

 

If your cash back rewards are based on business expenses that you deducted, you should report your cash back rewards as "Other income" on your business return, or Schedule C. 

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