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Level 1
posted Feb 24, 2023 6:25:17 AM

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

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2 Replies
Level 8
Feb 24, 2023 7:18:48 AM

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

Expert Alumni
Feb 24, 2023 9:37:49 AM

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.