supamanjon
Power Member
- Dec 19, 2009
- 645
- 68
If i get cashed out from amazon through gift cards instead of $$, can the IRS track me down? Like would i get taxed somehow.
amazon and IRS?
- Thread starter supamanjon
- Start date
supamanjon
Power Member
- Dec 19, 2009
- 645
- 68
anyone know?
DebtFreeMe
Regular Member
- Mar 14, 2010
- 430
- 374
Technically it should be claimed as income, with that said...
The question is are you getting over the $600 mandatory reporting amount on a 1099-MISC form? If you get a 1099 from Amazon you will Have to report it, because Amazon will report it to the IRS, and if they audit you it will be on their records. If on the other hand you do not get enough to trigger a 1099 being issued, which for last years taxes you should have already gotten one if it was going to be issued. Then it is your responsibility to report it.
Hope this helps, and please don't take this as any kind of official answer, this is just my own understanding of the tax code, to get the real answer consult a tax professional.
The question is are you getting over the $600 mandatory reporting amount on a 1099-MISC form? If you get a 1099 from Amazon you will Have to report it, because Amazon will report it to the IRS, and if they audit you it will be on their records. If on the other hand you do not get enough to trigger a 1099 being issued, which for last years taxes you should have already gotten one if it was going to be issued. Then it is your responsibility to report it.
Hope this helps, and please don't take this as any kind of official answer, this is just my own understanding of the tax code, to get the real answer consult a tax professional.