In the interest of not providing incorrect tax-advice, I’m providing links to major research about taxing frequent flyer miles in the interest of yesterday’s decision in Shankar v. Commissioner in regards to Citi Thank You Points that you can interpret and consult with your tax-advisor on.
The Tax Treatment of Frequent Flyer Miles: An Update (July 7, 2008)
Why Does Citibank, But Not the IRS, Treat Frequent Flyer Miles as Taxable Income? (Jan. 24, 2012)
IRS Clarifies Tax Treatment of Frequent Flier Miles (Jan. 31, 2012)
Maule: The Frequent Flyer Tax Flap (Feb. 3, 2012)
WSJ: The Tax Treatment of Frequent Flier Miles (Feb. 5, 2012)
IRS Eyes New Ways to Tax Frequent Flyer Miles (May 30, 2014)
In short it appears that frequent flyer miles and points are taxable and reportable. As always, consult with your CPA on how to report these earnings, or how it effects you.
Are you worried about your frequent flyer miles and points being taxed?
Hat Tip: TaxProf Blog
Jamie Larounis is an avid traveler, blogger and miles/points educator. Traveling well over 100,000 miles a year and staying in hotels for over 100 nights, he leverages miles, points and other deals to fly in first class cabins, and stay in 5-star hotels. The Forward Cabin shares his experiences, musings, reviews, tips, tricks, resources and industry news with you, the fellow traveler.
Consequently someone who wants to drop body fat correctly has the capacity to coping up getting a particular excess fat management program.
You can have far more power, far less passion of thirst, and very best of the total number of – you will find out a noticeable fat
loss much more rapid. Phen375 however is produced under
controlled facilities, is authorized and helpful to you,
the customer, without doctor’s prescription.