Credit Card Rewards Account
Jeremy Miller
qatman at gmail.com
Wed Aug 4 12:14:10 EDT 2010
On Wed, Aug 4, 2010 at 08:29, Jason <jason at cougarcorp.net> wrote:
>
>
> The rewards typically (at least in the US) are some form of Income. You
> end up owing taxes on them, they typically show up on a 1099 at year end.
>
> So, I record them as Income:CCRewards
>
Cashback rewards based on purchases are generally not treated as taxable but
rather as a reduction in purchase price or basis. Bonuses for opening an
account or other non-purchase-related activity are taxable.
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