Originally Posted by
ExitRowAisle
I must have missed the IRS ruling that differentiates mileage bonuses on banking products from brokerage products, credit card products, loan products, hotel stays, rental car activity, etc.
Would you be so kind to post it?
(Thank goodness BankDirect got an exemption from that rule.)
Instead of digging up the IRS reg on this as it does not help anyone in practicality. the article dated Jan 23 on this blog may help you to understand the issue which is not new at all. It also provides some tips on how to dispute it.
http://boardingarea.com/blogs/viewfromthewing/page/2/
How to Dispute the Value of Miles or Prizes Reported as Taxable to the IRS