Will I get taxed on a balance transfer from my credit card when it gets deposited into my checking account?

The bank said that they could deposit the balance transfer directly into my checking account, it will be about $9500.00, will I get taxed for this?

Best Answer:

?: yes you need your check account number

Other answer:

That sounds like a cash advance. If so, you won't get taxed on it in the US, but will certainly pay extra, to the credit card company. That's a very expensive way to get cash. Do not use those checks that a credit card company sends you, if you possibly can avoid it.

A balance transfer usually means debt is transferred from one card to another, as far as I know.

You get taxed on income. A loan is not income. A credit card is a loan.

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