Using gift cards and taxes
Hi folks --
The cheapskate that I am, I'm always trying to buy things at a discount. I came across the SimplyCash Business Card from Amex, which among other benefits gives you 5% cash back at office stores and no annual fee.
The cool thing about the office store discount is that you can use it to buy gift cards from vendors such as Home Depot, Lowes and Amazon -- my usual goto places for supplies to maintain the property and capex. Using these gift cards would effectively give you a 5% discount at these vendors. Plus, you don't have to carry around a separate credit cards for each of the vendors, or get your credit pulled 3 separate times
My question is, is this a good idea from a tax standpoint where I have to show receipts of my purchases? Or would a receipt of the gift card + the receipts of purchases made with the gift card be enough?