Hi, I am wondering about visa gift cards from Airlines. We were asked to move to another flight and given a visa gift card. Is this considered taxable income since it is a visa gift card that can be spent on anything or cashed out? Thank you!
You'll need to sign in or create an account to connect with an expert.
No, it's not taxable income, and you do not report it on your tax return. It's a partial refund of what you paid for your flight.
Is that the case even though it was more than what we paid for the ticket?
It depends.
There isn't any clear guidance on excess amounts being reimbursed. As a general rule, any excess amounts reimbursed where the fair market value exceeds your services (or in this case, your prior payment), could potentially be considered taxable as miscellaneous income. Please see this link for additional guidance on taxable and nontaxable income.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
shig198183
New Member
taxmanhelp
New Member
Iceman_1k
New Member
LINGDOLING
New Member
ejurica
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.