Things that are not certain:
1) What point valuation will they use if they are going to issue you a 1099
2) Is it going to be like Citi where taxable points are not transferable to other people or other program?
Originally Posted by
RedSun
I just do not think we pay taxes on reward points. As you said, we can all value the points differently.
But the CSR $300 is cash. Some other cash credits are also taxed, but it varies.
The Chase free trade offer is clearly a winner here. I think they want to catch BA Preferred Reward program. I do not want to pay $5 or so at E*Trade, Fidelity or Schwabs. I do not care what they say about trade quality etc. That is BS.
Originally Posted by
Explorer789
Same. I have only paid taxes on form 1099-INT for bank checking bonuses. But since points are not a direct cash currency, it is exempt from being considered a cash payment, just like all the credit card signup bonuses.
I remember Citi issuing 1099-MISC for Checking account Thank You Points about 5 - 6 years ago. Did they stop doing that? Citi used 1.6c/ TYP to issue a tax form back then IIRC.
Also, CSR $300 would be considered a rebate, so not taxable.