I have the MCO Card from the Crypto.com app. I have imported the CSV file into Koinly and I noticed that all of the cashback is showing as rewards. I was wondering if cashback on the card is considered as income similar to staking rewards? I read on NerdWallet that the IRS generally views credit card rewards as discount rather than income (was a slightly older article so maybe this isn’t true today).
did you got an answer? for me the cashback is showing as a rewards
what should we do?
Crypto.com Visa Card is a Debit card so the cashback can’t be handled as credit card cashback. This means that CRO cashback is not handled as, sadly, a discount on payment u make.
My thoughts on this… D.