topic Cashback Rewards in Get your taxes done using TurboTax

Cashback Rewards

MrsH — Sat, 01 Jun 2019 06:31:45 GMT

In 2016 we used our personal card for business expenses that were reimbursed by our company. Since we used our personal card we received a good amount of Cashback Bonus that we redeemed in 2016. Do we claim these rewards as income since it was reimbursed by our employer?

No, this would not be considered income. The IRS states...

Patrice — Sat, 01 Jun 2019 06:31:47 GMT

No, this would not be considered income. The IRS states that reward points/cash back are treated as reducing the purchase price paid for an item and are usually not included in the buyer's gross income.

So even though my husbands company reimbursed us for the...

MrsH — Sat, 01 Jun 2019 06:31:48 GMT

So even though my husbands company reimbursed us for the items that gave us the cashback, we dont have to claim it?

That is correct.

Patrice — Sat, 01 Jun 2019 06:31:50 GMT

That is correct.

Thank you!

MrsH — Sat, 01 Jun 2019 06:31:52 GMT

Thank you!