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Released: February 09, 2012
Which credit card rewards does the IRS care about?
Source: Selena Maranjian, Motley Fool (Daily Finance)
Citigroup’s (C) Citibank recently sent recipients of a special frequent flier mile promotion an unwelcome surprise: a 1099 tax form indicating those bonus miles have been reported to the IRS as income.
Even if you weren’t part of that promotion, it’s reasonable to wonder whether the frequent flier miles or other credit card rewards you collect are going to cost you, too, come tax time.
Read Full Article: Which credit card rewards does the IRS care about?
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