Originally Posted by
GeezerCouple
I hadn't (yet?) heard about 1099's being issued for Amex MR points (or other charge card awards, meaning NOT "cash" bonuses).
How did they value them for the IRS purposes?
Is this likely to become more general? We've ripped through quite a few points in the past few years, and especially just this year. (It may be chump change to some here, but it was a "lot" for us).
GC
This was specific to referral bonuses - people were sent 1099-MISC with 1c/point valuation
But then they clawed back some of those referral points (in the case of the self-referral)
This is a mess of AMEX's own making - they shouldn't have allowed self-referrals in the first place and they should have just not issued the points in this use-case. Seems like a lot of overhead and potential lost revenue to completely shut down someone's account and end a relationship due to a loop-hole