Re: Is Rakeback Taxable?
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Actually it's really weird. Every other type of income you make, whether it be lottery winnings, normal wages, gambling profits, etc. is taxable, But rakeback isn't. You are free to make $100k/year in rakeback and the government lets you not claim it.
Syke.
- Jags
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I cant tell if your being sarcastic or not, but theres actually a really good case for why rakeback is not taxable income. Do you claim coupons you use to buy goods as taxable income? Its long been held that frequent flyer miles are not taxable. I think theres a good case that rakeback and frequent flyer miles are functionally equivalent and have no problem leaving them off my taxes.
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