Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good morning. There is nothing that you legally have to do in order to accomplish what you want. There are no forms you need to complete. You have no tax on the money taken out of you credit card because it is a loan that must be paid back. Thus, it is not a gift and it is not income
; and therefore, it is not a taxable transaction
. If you deposit $50,000 in cash in your bank account, the bank will report the cash transaction, but that doesn't mean there is any tax or reporting
requirement on you. If you sell the cards for more than you paid for them, you would have tax on the gain; but otherwise there is no tax incurred.
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