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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?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
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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.
Credit card transaction using data flow diagram?
credit card flow diagram
Reel credit card numbers security code and expiration date?
is anyone have reel hd credit card number
What is a Merchants account Credit card?
A merchants account credit card is a special type of credit card that is issued from a merchant acquiring bank. These credit cards allow a vendor or business to accept payments from customers 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 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.
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
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.
How can you look someone up without using a credit card?
You freaking Can't!
Can a Lowe's employee make a purchase using their discount for themselves using someone elses credit card?
no,you have to scan your employee card at register
Why is my corporate business credit card not working?
It could be that your business has reached its credit limit for the month. It could also be that someone using the business credit card is buying something not business related and the credit card company has stopped the card temporarily.
How can someone apply for a credit card at a bank?
You can apply for a credit card at a bank by approaching the bank locally and asking to receive an application for a credit card. You can also apply online to a variety of banks that will determine if you are eligible as well as how much the credit card will have on it by using your credit score.
If someone gives you authoritizion to use there credit card without them being there is it ok?
yes because they gave you the approval of using there credit card its not like your stealing it
