I know if I redeem my credit card points for Air Travel, Hotel Stays and even free items (ipod etc.) I will not receive a 1099 or any tax implications from this.
However, I have heard varying stories as to if I will receive a 1099MISC for points that are redeemed for either Gift Cards or Cash Back.
The 3 cards I use are a Bank of America Worldpoints Business Card, Chase Business Ultimate Rewards and Amex Platinum Business Card.
Can anyone confirm that I can take some of these points and convert them to cash without getting a 1099MISC?
They were all earned through spending and not a "freebe" or similar type deal if that matters.
Thanks
Tom