I don't view the $ 600 as «making money» -
I view it as a rebate of the purchases I make.
Normally, earned travel miles are excluded from taxation per IRS (due to valuation difficulties) and by the issuing banks (since they are
viewed as a rebate), but the bonus is a different matter from what I hear.
This cash back is not counted as taxable income as it is
viewed as a rebate and is considered a price adjustment, not income or free money.
Although you generally pay taxes on sign - up bonuses for savings and checking accounts, credit card bonuses and rewards are contingent on your spending and
viewed as rebates.
The reason credit card rewards have typically not been counted as taxable income is because they are
viewed as a rebate.
Not exact matches
It is nicely equipped with features such
as Luxury Group (Auto - Dimming Exterior Mirrors, Exterior Mirrors Courtesy Lamps, Exterior Mirrors with Supplemental Signals, Glove Box Lamp, LED Bed Lighting, Overhead Console with Garage Dr Opener, Power Folding Mirrors, Power Heated Fold - Away Mirrors, Rear Dome with On / Off Switch Lamp, Rear -
View Auto - Dimming Mirror with Microphone, Sun Visors with Illuminated Vanity Mirrors, Underhood Lamp, and Universal Garage Door Opener), Quick Order Package 26W (Dual Rear Exhaust with Bright Tips, Flat Black 5.7 L Hemi Badge, Flat Black Ram 1500 Badge, and Ram Glove Box Badge), Rear Camera & Park Assist Group (ParkSense Rear Park Assist System and ParkView Rear Back - Up Camera), Remote St Price includes the following
rebates and incentives: $ 1,000 - 2016 SE Retail Consumer Cash 66CG1.
The general rule is that if the rewards provided are contingent on making a credit card purchase, they are not considered taxable by IRS because they are merely
viewed as purchase
rebates / discounts.
«The IRS has historically
viewed credit card cash back
as a nontaxable
rebate on the purchase price, rather than
as a taxable form of income,» says Mahoney.
Instead, the agency
views the rewards
as a
rebate — the same
as if you received a coupon for having bought something.
The way it is now, the renewable technology industry (PV, wind,...) with best lobbyist gets the biggest
rebate programs — I think this works to the detriment of other renewable technologies that may be superior from cost effective energy reduction point of
view, but are not
as glamorous and don't lobby so well.
Like law schools, undergraduate tuition has risen dramatically thanks to the «arms race» (in the form of new buildings and amenities having nothing to do with enhancing «value» to the students» education (
as opposed to comfort), bloated administrative fiefdoms, an emphasis on faculty «scholarship» (see our Chief Justice's candidly caustic
views on that one) and student «
rebates.»
Post Danmark II constitutes the latest signal
as to the
view of the CJEU with regard to the assessment of
rebates granted by dominant firms.