Has anyone here doing MS get audited byv the IRS?

[Ephcc90]

Lol. I can't believe that this is actually being discussed . Go ask your accountant .....side note--- if your actually worried about anything to do with the IRS (about cash for points, I am not ) , the one thing you can do for yourself and everyone else involved is to discussing this matter is to not discuss it.

1) What happens if I'm an accountant can I discuss it?

2) You say you're not worried. Can I ask why not?

[Yehuda25]

Lol. I can't believe that this is actually being discussed . Go ask your accountant .....side note--- if your actually worried about anything to do with the IRS (about cash for points, I am not ) , the one thing you can do for yourself and everyone else involved is to discussing this matter is to not discuss it.

Huh? its very grey area, even most accountants don't know the rules with this.

[Mplace]

why should your basis not be what the iPad was worth. Also if the bank gave you $500 in cash as the rebate you wouldn't have to claim it but now because they gave me an item worth $500 and I sold it suddenly I do?

-1
I got a 1099 from chase for my checking account bonus

[Venilla]

-1
I got a 1099 from chase for my checking account bonus

A checking account is not a CC...

[emjee]

alol what the heck does discussing it do.

Some people are extremely nervous about any type of discussion in these matters.

1) What happens if I'm an accountant can I discuss it?

2) You say you're not worried. Can I ask why not?

1) I never said you can't discuss it. Was just suggesting that if ones nervous then not to .
2) I've spoken to my accountant about it and was told that as of now it's not officially taxable. Amd it would be better to not claim cash for points/miles received .

Huh? its very grey area, even most accountants don't know the rules with this.

Your right , most don't . Hopefully your accountant will.

Discuss it all you want

[MosheD]

That makes it sound like it was tough to get through the audit...

It is always tough to get through an audit. Even if you are clean as whistle.

It's up to you to demonstrate, beyond shadow of a doubt, income isn't taxable

Ftfy
Now I doubt anybody can do that with whats being discussed

[aygart]

Some people are extremely nervous about any type of discussion in these matters.

So they should speak to their therapist if people discussing something online makes them nervous or if they are so uptight about it they shouldn't do it.

[CS91]

It is always tough to get through an audit. Even if you are clean as whistle.

True. What I meant was extra tough because of MS...

[Ephcc90]

Ftfy
Now I doubt anybody can do that with whats being discussed

You don't think, based on the current IRS guidelines that a credit card bonus is a rebate, that you can rely on that to avoid penalties even if they ultimately decide that it is income?

[MosheD]

You don't think, based on the current IRS guidelines that a credit card bonus is a rebate, that you can rely on that to avoid penalties even if they ultimately decide that it is income?

I'm not an accountant and I have no clue. All I'll say is this, I know someone personally who was audited on a gray area (that the IRS even admitted there was no way he should have known otherwise) and it caused him a my of tzaar/loss of $.

Basically, the IRS of frikin scary and mean.

P.s. His gray area had nothing to do with ms. Just here to show the tenacity of the IRS

[emjee]

So they should speak to their therapist if people discussing something online makes them nervous or if they are so uptight about it they shouldn't do it.

Lol. +1

[EJB]

You don't think, based on the current IRS guidelines that a credit card bonus is a rebate, that you can rely on that to avoid penalties even if they ultimately decide that it is income?

People keep mentioning this, but I haven't seen a guidance that clearly states this for signup bonuses.  Link?

[Venilla]

People keep mentioning this, but I haven't seen a guidance that clearly states this for signup bonuses.  Link?

Even if it is a rebate, wouldn't one have to pay taxes when selling those miles?

[EJB]

Even if it is a rebate, wouldn't one have to pay taxes when selling those miles?

I'm no accountant but I'd think it would net against the cost basis, unless you are deducting the purchase you made to get the miles for whatever reason, in which case you'd need to reduce the deduction as well.

[myb821]

I'm no accounting but I'd think it would net against the cost basis, unless you are deducting the purchase you made to get the miles for whatever reason, in which case you'd need to reduce the deduction as well.

so what is the cost basis?

[mord1]

I was wondering about an IRS audit  and they see tons of money orders deposited into the bank accounts- anyone ever have to explain to the IRS that it is not real income?

[Bostener]

I was wondering about an IRS audit  and they see tons of money orders deposited into the bank accounts- anyone ever have to explain to the IRS that it is not real income?

You need to explain it to them in a professional matter. I won't suggest any laymen to do this on thier own.
Keeping copies of your used g.c. and money orders.

[mord1]

You need to explain it to them in a professional matter. I won't suggest any laymen to do this on thier own.
Keeping copies of your used g.c. and money orders.

I hear, I keep all my purchase receipts and MO receipts and the used VGCs now, in case that happens, I guess that's the best defense

[Ephcc90]

I hear, I keep all my purchase receipts and MO receipts and the used VGCs now, in case that happens, I guess that's the best defense

If someone is looking into your banking records they would be more suspicious of money laundering then tax evasion. I would be more worried about that.

[mord1]

If someone is looking into your banking records they would be more suspicious of money laundering then tax evasion. I would be more worried about that.

I hear, either way, receipts should do the job, no?