Author Topic: Amex 2014 Terms and Conditions  (Read 13016 times)

Offline ChaimMoskowitz

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Re: Amex 2014 Terms and Conditions
« Reply #100 on: July 05, 2018, 09:55:56 AM »
Let's just say that I am happy this is not my accountant.
If he truly is an accountant I pray he gets competent legal advice for his client especially like I asked in the first post if this is coming from CID. Not a joking matter!!!
« Last Edit: July 05, 2018, 10:00:37 AM by ChaimMoskowitz »
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Re: Amex 2014 Terms and Conditions
« Reply #101 on: July 05, 2018, 09:57:35 AM »
If he truly is an account I pray he gets competent legal advice for his client especially like I asked in the first post if this is coming from CID. Not a joking matter!!!
That is what I meant. He is not doing a good job for his client going around cursing those he feels can help him.
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Offline shapsam

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Re: Amex 2014 Terms and Conditions
« Reply #102 on: July 05, 2018, 09:59:02 AM »
SAD!

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Re: Amex 2014 Terms and Conditions
« Reply #103 on: July 05, 2018, 10:02:07 AM »
You need a far better plan than showing some t&c that doesn’t mention anything about selling points.

Offline ChaimMoskowitz

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Re: Amex 2014 Terms and Conditions
« Reply #104 on: July 05, 2018, 10:05:25 AM »
You need a far better plan than showing some t&c that doesn’t mention anything about selling points.
His logic is flawed.
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Offline Dan

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Re: Amex 2014 Terms and Conditions
« Reply #105 on: July 05, 2018, 10:09:42 AM »
OP almost for sure saw the language on the Dollar/Euro card page, I've never seen it anywhere else and I looked through dozens of terms in print and on the internet archive before I read the message about his raving insanity about curses and stopped looking.

Either way, those terms won't help you one iota in this case now that you finally expalined it. Any good accountant knows that if you monetize something worthless, it's still a taxable event.

The only valid argument is that it's just cashing out the purchase rebate in the same way that banks allow purchase rebate points to be transferred to airlines or to cash back. It isn't income but a purchase rebate. Therefore they have no 1099.

Best of luck, but I am certainly not moichel you for that message. You seem to think everyone is hiding something from you or trying to squeeze more money out of you, that's a sad way to go through life.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline ChaimMoskowitz

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Re: Amex 2014 Terms and Conditions
« Reply #106 on: July 05, 2018, 10:13:56 AM »
Either way, those terms won't help you one iota in this case now that you finally expalined it. Any good accountant knows that if you monetize something worthless, it's still a taxable event.
They will make the situation worse. If the terms say the rebate is worth 1cpp you can argue the difference you sold them for.
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Re: Amex 2014 Terms and Conditions
« Reply #107 on: July 05, 2018, 10:16:50 AM »
OP almost for sure saw the language on the Dollar/Euro card page, I've never seen it anywhere else and I looked through dozens of terms in print and on the internet archive before I read the message about his raving insanity about curses and stopped looking.

Either way, those terms won't help you one iota in this case now that you finally expalined it. Any good accountant knows that if you monetize something worthless, it's still a taxable event.

The only valid argument is that it's just cashing out the purchase rebate in the same way that banks allow purchase rebate points to be transferred to airlines or to cash back. It isn't income but a purchase rebate. Therefore they have no 1099.

Best of luck, but I am certainly not moichel you for that message. You seem to think everyone is hiding something from you or trying to squeeze more money out of you, that's a sad way to go through life.
I can personally attest to seeing Dan digging up and then going through old CC terms for over an hour as well as more time searching the internet yesterday, and that's just what I was there for.
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Offline Dan

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Re: Amex 2014 Terms and Conditions
« Reply #108 on: July 05, 2018, 10:19:01 AM »
They will make the situation worse. If the terms say the rebate is worth 1cpp you can argue the difference you sold them for.
If the terms say the points have no value and you sold them for 1.5, than the income would be 1.5 I suppose if you're ignoring the purchase rebate argument.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

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Re: Amex 2014 Terms and Conditions
« Reply #109 on: July 05, 2018, 10:20:04 AM »
I can personally attest to seeing Dan digging up and then going through old CC terms for over an hour as well as more time searching the internet yesterday, and that's just what I was there for.
Wow that's amazing. I thought this guy was just being an ungrateful b**** assuming Dan spent just a minute. But that is really amazing. Both in a good way what Dan has done, and the other way with OPs statements.
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Offline ChaimMoskowitz

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Re: Amex 2014 Terms and Conditions
« Reply #110 on: July 05, 2018, 10:22:36 AM »
If the terms say the points have no value and you sold them for 1.5, than the income would be 1.5 I suppose if you're ignoring the purchase rebate argument.
Sorry I wasn't clear. If the term say they are worth 1cpp. The 1cpp would be the rebate you are entitled to. Sell them for 1.5cpp and you can argue the gain is now .5cpp and not 1.5cpp.
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Offline ChaimMoskowitz

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Re: Amex 2014 Terms and Conditions
« Reply #111 on: July 05, 2018, 10:27:42 AM »
I think we should all cut the guy some slack (including me). No matter how he came of sounding this is serious. This should also serve as a PSA!!!
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Re: Amex 2014 Terms and Conditions
« Reply #112 on: July 05, 2018, 10:30:40 AM »
I think we should all cut the guy some slack (including me). No matter how he came of sounding this is serious. This should also serve as a PSA!!!
I think he's gone.
After talking to a few CPAs and a tax attorney I'm still not really sure the exact laws, and neither do they seem to sure.
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Offline henche

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Re: Amex 2014 Terms and Conditions
« Reply #113 on: July 05, 2018, 10:33:57 AM »
Speechless.

As @henche will likely tell you, OP needs a tax lawyer, not an accountant anymore.

too many posts.  add the good ones to wiki

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Re: Amex 2014 Terms and Conditions
« Reply #114 on: July 05, 2018, 10:51:05 AM »
Sorry I wasn't clear. If the term say they are worth 1cpp. The 1cpp would be the rebate you are entitled to. Sell them for 1.5cpp and you can argue the gain is now .5cpp and not 1.5cpp.
This. The right way to go would be to find how high they write on 1099s not how low it can be.
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Offline Dan

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Re: Amex 2014 Terms and Conditions
« Reply #115 on: July 05, 2018, 10:53:12 AM »
In the 2014 terms AMEX sells points for 2.5 cents each...
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Re: Amex 2014 Terms and Conditions
« Reply #116 on: July 05, 2018, 11:00:23 AM »
That was one long PART OF A sentence.
FTFY

There's no full stop at the end of the post. Sentence isn't over. Still driving?
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Re: Amex 2014 Terms and Conditions
« Reply #117 on: July 05, 2018, 11:08:01 AM »
Hasn’t it been established that selling points for cash isn’t considered a “rebate” anymore ?
Yes. Doesn't matter what T&C say.

Unfortunately for client, the prior advice he received was incorrect.
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Re: Amex 2014 Terms and Conditions
« Reply #118 on: July 05, 2018, 11:10:06 AM »
Yes. Doesn't matter what T&C say.
If anyone has full clarity on this, or some links that can help I'd appreciate the information.
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Offline ChaimMoskowitz

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Re: Amex 2014 Terms and Conditions
« Reply #119 on: July 05, 2018, 11:12:13 AM »
If anyone has full clarity on this, or some links that can help I'd appreciate the information.
At the moment I am more confused about this then a crack addict.
Talk to any competent tax attorney. Better yet find someone involved in this situation.
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