Just got off the phone with Amex. They have no clue. They told me that I should figure out with my accountant what the value of those MR points I would receive as bonus would/should be.

I guess the bottom line question is, should these bonus MR points considered income?

I tried to get an indirect answer by asking where Amex would report the income if I were not to choose the 10,000 MR points but instead wanted the $75 credit. The agent mentiones that this would go in the 1099INT form (which makes sense). Then I asked him where Amex would report the 10K MR points, and there he had no idea... he first said it may be the 1099B, and then said maybe it was also on the 1099INT - but he wasnt sure. I mentioned that either way Amex would have to put a value to those points, to which he agreed, but didnt know how much it would be.... I think the latter is what you need to know to determine what the potential tax liability for the bonus offer is.

In any event, if I have to tax MR points, why dont I have to tax the air miles & hotel points...?????

[This message has been edited by Gaucho100K (edited 04-13-2002).]