How do you treat the cash rewards that you earn with your credit card points?
What if you give this cash reward to a 501(c)(3) charity?
How does personal use of business frequent flyer miles work?
These are the types of questions triggered by a new private letter ruling on using credit-card cash rebates as charitable contributions.
General Rule
For tax purposes, gross income includes all income from whatever source derived.
The direct or indirect buyer rebate is an exception. You don’t count the rebate as ... Log in to view full article.
