If you think about it, it's not as if any of these companies are offering you cash for nothing more often than not it's used as incentive for you to purchase something.Īnd since a discount isn't taxable, there's no need to keep track of all your cash back rewards to prepare your tax return. But if you think you need to report these rewards on your tax return, you’ll be happy to know that it isn't necessary in most cases.įor most of these rewards that are given to consumers, the IRS treats them as discounts rather than income. You're probably familiar with all the different credit card companies offering cash back rewards or even those mail-in rebate offers you receive on certain goods.
Hello, I'm Scott from TurboTax with some information about how you should treat your cash back rewards for tax purposes.
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