Plop is this true? (Credit card rewards thread)

[Sheesfaced]

https://apple.news/Ae3tYKvyESdCmxzrS1GszMw

[PLOL]

Yep, it's a known thing in the credit card rewards circle that you must pay taxes on credit card rewards. Even if those rewards are just 'points'. This is specifically codified in IRS tax code.

Just have to accept that any money you make is taxable income. Those Top Shot moments you got from your pack that you're gonna sell for thousands? Yep, taxable income.

[Sheesfaced]

Yeah that makes something like this which on the surface seems interesting a potential tax and accounting nightmare:

if you’re into crypto this could be a good way to build a position and the interest you earn on your crypto is attractive but having unless IRS changes how crypto is classified having to track your basis sounds horrible.

edit for some reason link didn’t display correctly but if you click “credit card” from the drop down you’ll see what I’m referring too.

[PLOL]

When filling out your taxes it's important to just be yourself and do your best!

[Sheesfaced]

When filling out your taxes it's important to just be yourself and do your best!

Ha reminds of the old saying “my tax return is just my first offer”.