Has anyone here doing MS get audited byv the IRS?

[Hershelsdeals]

This hasn't happened to me (i don't MS), just interesting to know if it happened to someone, and how'd they dealt with it.

And here's the question, do you, do you report you're miles sold to the IRS?

I know that some do, but not sure why.

[EJB]

I know that some do, but not sure why.

Bc it's the law?

[MeirS]

Miles sold and MS are 2 separate stories.

I seem to recall that someone on the forums was audited for MS and got through eventually.

[Hershelsdeals]

Bc it's the law?

I'm actually referring to MILES sold.

[EJB]

I'm actually referring to MILES sold.

That's what I was responding to

[Hershelsdeals]

That's what I was responding to

Can you point to a source?

[aj26]

26 U.S. Code § 61 - Gross income defined- General definition Except as otherwise provided in this subtitle, gross income means all income from whatever source derived

[EJB]

Question for tax folks: even if cc bonuses aren't taxable, do you have to report sale of those points and net it against cost basis?

[Venilla]

.

[Freddie]

This hasn't happened to me (i don't MS), just interesting to know if it happened to someone, and how'd they dealt with it.

And here's the question, do you, do you report you're miles sold to the IRS?

I know that some do, but not sure why.

You don't MS?

[grodnoking]

Question for tax folks: even if cc bonuses aren't taxable, do you have to report sale of those points and net it against cost basis?

I think it was talked about in the "any accountants I can ask a question" thread a few weeks ago

[Hershelsdeals]

You don't MS?

No.

[Freddie]

No.

Why do I find that hard to believe?
You open lots of cards. At least your posts would indicate that you do.
Do you deliberately refrain from MS for a reason?

[Yehuda25]

Why do I find that hard to believe?
You open lots of cards. At least your posts would indicate that you do.
Do you deliberately refrain from MS for a reason?

-1

Not everyone has to MS for spend.

[myb821]

Question for tax folks: even if cc bonuses aren't taxable, do you have to report sale of those points and net it against cost basis?

here is my question for you EJB. Lets use an over simplified example. Yuo sign up for a credit card that gives you an Ipad (lets assume worth $500) after first purchase. Everyone agrees I dont need to report the ipad. Now lets say I sell that Ipad for $400 do I need to pay taxes on the $400?

[Yehuda25]

here is my question for you EJB. Lets use an over simplified example. Yuo sign up for a credit card that gives you an Ipad (lets assume worth $500) after first purchase. Everyone agrees I dont need to report the ipad. Now lets say I sell that Ipad for $400 do I need to pay taxes on the $400?

actually an Ipad is most likely taxable...

[myb821]

actually an Ipad is most likely taxable...

why? still a rebate on purchase according to IRS

[Ephcc90]

If I can take the value the airlines put on the points as my basis then I have a big loss this year:)

[Yehuda25]

why? still a rebate on purchase according to IRS

it's tangible though...

Not sure, this whole area is gray.

[aygart]

it's tangible though...

More so than cash?