Are gift cards received from a bank as rewards considered taxable income?
Hello! Throughout 2008, my hubby and I have built up points through a rewards program with our bank, we then used these points to receive gift cards for restaurants that we frequent. Will we need to report these rewards as miscellaneous taxable income? Will we get a 1099 from the bank? (as we can not figure out how many we received or how much they were throughout the entire year.) Thank you in advance.
Public Comments
- My first thought is that No, it is not taxable income. For instance, when you receive cash back or rewards from credit cards you aren't taxed on that. To make sure though, I would suggest calling the bank and finding out what their policy is.
