Contact
Subscribe


Citibank Deems Frequent-flier Miles Taxable, But Does The IRS?

Jan 24, 2012
IRS, Tax Forms, Taxable Income

67580941 Citibank deems frequent flier miles taxable, but does the IRS?

Citibank is sending tax forms to customers who received thousands of airline miles as a reward for opening a checking or savings account. Those forms value each mile at about 2.5 cents and list the total dollar amount as miscellaneous income. (Timothy A. Clary, AFP/Getty Images / January 23, 2012)

Frequent-flier miles clearly have value — why else would people want them? But do they also represent taxable income?

Citibank seems to think so. It’s sending tax forms to people who received thousands of miles as a reward for opening a checking or savings account. Those forms value each mile at about 2.5 cents and list the total dollar amount as miscellaneous income.

More

@IRSTax

Share and Enjoy

  • wp socializer sprite mask 32px Citibank deems frequent flier miles taxable, but does the IRS?
  • wp socializer sprite mask 32px Citibank deems frequent flier miles taxable, but does the IRS?
  • wp socializer sprite mask 32px Citibank deems frequent flier miles taxable, but does the IRS?
  • wp socializer sprite mask 32px Citibank deems frequent flier miles taxable, but does the IRS?
  • wp socializer sprite mask 32px Citibank deems frequent flier miles taxable, but does the IRS?
  • wp socializer sprite mask 32px Citibank deems frequent flier miles taxable, but does the IRS?
  • wp socializer sprite mask 32px Citibank deems frequent flier miles taxable, but does the IRS?
  • wp socializer sprite mask 32px Citibank deems frequent flier miles taxable, but does the IRS?
No Comments
Tags , , , , , , , , ,

Leave a Reply

Allowed tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>