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Get your taxes done using TurboTax
If the recovery is on your personal credit card, you don't have to report the amount on your tax return as it is a reimbursement for a fraudulent debit on your card. You said that you didn't see any money as the amount was most probably credited to your credit card account. Just keep the form 1099-MISC in your tax records for at least 3 years.
If the recovery is on a credit card used for your business, then you report the amount as miscellaneous income if you had previously deducted the charge as a business expense.
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March 3, 2024
10:00 AM