Some frequent flier miles taxable

[NAVYBLUE]

Although I posted this in the AGR section, I wanted to post it in the "general discussion" section for those who don't go often to the AGR section.

http://today.msnbc.msn.com/id/46193523/ns/business-personal_finance/#.Ty4YUsh9fEk

NAVYBLUE

 

[Blackwolf]

I would say no. Since you have to generally spend money to get points, even with many promotions, then there is no 'gift' given. Even when you get X number of points for opening an account (say, with AGR MasterCard) you have to spend a certain amount before they are awarded.

 

[TCRT]

I agree with Blackwolf. The article seems to make it pretty clear that the taxed miles were given for opening checking and savings accounts, not for credit card use. That's the difference that got them counted as "gifts", which are taxable, and not as "rebates for spending", which are not, and they quote H&R Block as their reference, which seems like a reliable source. I'd say earned AGR points (and earned miles) from credit cards seem safe.

 

[MrFSS]

Although I posted this in the AGR section, I wanted to post it in the "general discussion" section for those who don't go often to the AGR section.

http://today.msnbc.m...e/#.Ty4YUsh9fEk

NAVYBLUE

And that discussion is HERE.