New answers tagged income
In the US this would fall under the "miscellaneous income" category, which also covers hobby income and the like. Obviously this isn't a direct answer, but I hope it gets you pointed in the right direction.
What you are describing is perfectly legal, and is well under the threshold to attract the attention of the IRS ($10K+). The money is not income, because it is repayment for goods provided or a loan made to your friends. I do this myself oftentimes to take advantage of the rewards on my credit cards. With cash to cover expenses coming in immediately from ...
If your friend is paying you same amount as the charge, there should be no problem. If the friend is paying you an amount in excess of the ticket (or in excess of the club tab in the 2nd example), you need to report the excess amount as income. I would keep the receipts for the purchases, credit card statements, bank statements, and checks/or electronic ...
As a minor you certainly can pay tax, the government wants its cut from you just like everyone else :-) However you do get the personal allowance like everyone else, so you won't have to pay income tax until your net income reaches £10,800 (that's the figure for the tax year from April 2015 to April 2016, it'll probably change in future years). Once you're ...
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