What are the tax implications of receiving cryptocurrency as credit card rebates?

1 answers

• ShadowDec 28, 2022 · 3 years ago
  Hey there! So you received some cryptocurrency as a credit card rebate, huh? Well, let me tell you about the tax implications. The government treats cryptocurrency as property, not actual money. So when you get cryptocurrency as a rebate, it's like getting a gift or a prize. According to the IRS, you gotta report the fair market value of that crypto as income on your tax return. And here's the kicker: if the value of that crypto goes up in the future and you sell it, you might have to pay capital gains tax. So make sure you keep track of the value and consult with a tax professional to stay on the right side of the law, my friend!
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