TAX SEASON IS here, and some frequent flyers keen on collecting bonus mileage and racking up credit card rewards may be seeing a pesky 1099 form in the mailbox showing taxable income amounts. Rest assured, if you are a points aficionado climbing the ladder of elite status, the IRS is not coming for your points or loyalty standing. The federal government took a look at that avenue some 21 years ago and decided it was too much of a quagmire to navigate. However, there are some clear cases where credit cards, flight rewards and the IRS do cross paths.
The good news is that rewards points gained from most credit card offers are not taxable income. That means the 100,000 points bonus from American Express or an airline-branded Chase account can still be redeemed for tickets, merchandise and cash and not chime bells at federal tax collection offices.
Instead, it is seen as a discount-a coupon allowing you to purchase an item at a discounted rate. And that is because those points are not free. To have the points vested in a loyalty account, the cardholder must do something for that exchange, mainly spend money. The points, in that case, are no more taxable than the airport lounge access a card affords or those free checked bags.
هذه القصة مأخوذة من طبعة April 2023 من Business Traveler US.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة April 2023 من Business Traveler US.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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