Merry Christmas to Bitcoin Users. The IRS wants Your name

Archived From: Finance
  • Page :
  • 1
  • Text Only
Voting History
IRS seeks names of virtual currency users in tax probe 

Are credit Card Cash back programs next?

Member Summary
Staff Summary
Thanks for visiting Join for free to remove this ad.

Pay your taxes deadbeats? RE: cash back, the IRS views it as a discount IIRC, no?

nsdp said:   
Are credit Card Cash back programs next?

  Not if they are points/miles and not CASH

Cash back from credit cards is considered a rebate so as such not as income. Regular cash back is linked to spending so kinda easier to see it that way. Now cash sign-up bonuses they could try to claw back.

But then, it'd be a mess with points/miles to attribute a cash value to those because in most cases, it depends upon actual form of redemption. But I'm guessing this is a drop in the bucket that's not worth the hassle.

For bitcoin, I think they're trying to get at the shadow economy. Look at the situation in India for proof of how it can affect tax revenues (although not due to bitcoins there). Bitcoin transactions are not there yet but I'm not surprised they'd want to control them and get tax revenues on them if possible.

Disclaimer: By providing links to other sites, does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to

Thanks for visiting Join for free to remove this ad.

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2017