Are credit card rebates taxable if they are paid out in cryptocurrency?

4 answers

• saraswathiJul 03, 2021 · 5 years ago
  Yes, credit card rebates paid out in cryptocurrency are generally taxable. According to the IRS, cryptocurrency is treated as property for tax purposes. This means that any gains from the sale or exchange of cryptocurrency, including credit card rebates, are subject to capital gains tax. It's important to keep track of the fair market value of the cryptocurrency at the time of receipt and report it on your tax return.
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• Daniel MilianowskiMay 10, 2022 · 4 years ago
  Absolutely! Just like any other form of income, credit card rebates paid out in cryptocurrency are taxable. The IRS considers cryptocurrency as property, and any gains from its sale or exchange are subject to capital gains tax. So, make sure to report these rebates on your tax return and pay the necessary taxes.
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• Kaushik PrabhathSep 29, 2022 · 3 years ago
  Yes, credit card rebates paid out in cryptocurrency are taxable. As an expert at BYDFi, I can confirm that the IRS treats cryptocurrency as property, and any gains from its sale or exchange are subject to capital gains tax. Therefore, it's important to consult with a tax professional or use tax software to accurately report and pay taxes on your credit card rebates in cryptocurrency.
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• SpitfireOct 27, 2024 · a year ago
  Of course! Credit card rebates paid out in cryptocurrency are taxable. The IRS considers cryptocurrency as property, and any gains from its sale or exchange are subject to capital gains tax. So, don't forget to include these rebates when calculating your tax liability. It's always a good idea to consult with a tax advisor to ensure compliance with tax regulations.
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