What a bummer...check out my blog post from this morning on the recent bombshell the IRS dropped. "IRS Says Credit Card Sign-Up Bonuses are Taxable" Do you plan on reporting any sign-up bonuses as income on your tax returns this year?
Not sure why people are viewing this and not responding, but I'll add my two cents here anyway. I'm not planning on reporting anything unless I actually receive a 1099. Luckily, I haven't received one yet!
I am not planning sending in anything either. I am sure it will be a while before credit card companies start mailing out 1099. Thanks! Heather with BoostMyScore.NET
Phew, if they were for a t-shirt that you could make yourself from a $5.00 t-shirt at WallyWorld, I could see a whole lot of IRS appeals to get the 1099s thrown out.
LOL...I can still see a whole lot of appeals happening because consumers most likely won't agree with the values that are placed on their rewards. Let's just hope this never really catches on with all the major credit issuers for credit card signup bonuses.
If the consumers react to this like the extra bank fees for using your debit card, then there could be some changes made. We will see what happens. Thanks! Heather with BoostMyScore.NET
