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If I pay off a credit card debt for someone using my own credit card does anyone have to pay tax on it?
Probably not. I think you would have two options on how to classify this. You could either treat it as a loan, ie. you loaned money to someone to pay off their credit card. Receiving a loan is not taxable, but there should be a bona fide expectation that you are going to be paid back. Of course, if you are going to charge your friend interest on that loan the interest would be taxable income. The other option would be to treat it as a gift. As long as you are under the gift threshold (in 2008 you can give someone a gift up to $12,000 and there is no tax) there is no tax from anyone. If you are calling it a gift and it was more than $12,000 you may need to file a gift tax return and pay a gift tax. Note that the person GIVING a gift is responsible for paying the gift tax, not the person receiving the gift.
What else can I help you with?
Where do you report someone for using your credit card?
You can go to the credit card company if you need evidence, they can help you track the charges. Then you go to the police.
Where can someone start paying off credit card debt using a check?
Your credit card company will send you a bill and these bills will include a pre-addressed envelope. Mail the check in that and it will be applied to your bill.
Reel credit card numbers security code and expiration date?
is anyone have reel hd credit card number
Credit card transaction using data flow diagram?
credit card flow diagram
Does a business have to pay for each purchase for using a credit card machine?
The credit card company pays the retailer a fee every time someone uses the machine to pay for purchases. The card company charges the customer a fee for paying by card (usually in the monthly interest charged).
Can you pay someone on Venmo using a credit card?
Yes, you can pay someone on Venmo using a credit card.
Was anyone caught for using someone else credit card?
Yes, individuals have been caught and prosecuted for using someone else's credit card without permission. This activity is considered credit card fraud and is a criminal offense punishable by law. It is important to always obtain proper authorization before using someone else's credit card to avoid legal consequences.
Is using someone else's credit card considered a felony?
Yes, using someone else's credit card without their permission is considered credit card fraud, which is a felony offense.
Can I purchase a plane ticket for someone else using my credit card?
Yes, you can purchase a plane ticket for someone else using your credit card.
Have you ever been accused of using someone's credit card without their permission?
No, I have never been accused of using someone's credit card without their permission.
Is Using others credit card is a crime?
Yes, using someone else's credit card without their permission is considered credit card fraud and is illegal. It can result in criminal charges and other legal consequences. Always obtain explicit consent before using someone else's credit card.
What is a credit card affiliate and how will it affect someone applying for a credit card?
Credit card affiliates offer credit card customers exclusive deals and incentives for using a credit card. This does not affect an application as the enrollment in the program is voluntary.
How can i send somebody else money using a credit card?
You can send someone money with a credit card if they have a PayPal account.
Can you go to jail for using someone else's credit card without their permission?
Yes, using someone else's credit card without their permission is considered credit card fraud, which is a criminal offense. If caught and convicted, you could face jail time.
What are the legal consequences of using someone's credit card without their permission?
Using someone's credit card without their permission is considered credit card fraud, which is a serious criminal offense. The legal consequences can include fines, imprisonment, and a criminal record. It is important to always obtain permission before using someone else's credit card to avoid facing these consequences.
Is it identity theft if you use a someones credit card with there permission?
Yes, using someone's credit card without their permission is considered credit card fraud, not identity theft. Identity theft involves stealing someone's personal information to commit fraud or other crimes beyond just using their credit card.
Can anyone get a credit card?
if you have money you have to pay for a credit card
