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Tuesday, January 31, 2012

IRS Clarifies Tax Treatment of Frequent Flier Miles

IRS News, Tax | Permalink

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Comments

And the really nasty part of the Citibank position is that the miles are worth only 0.6 cents per mile (not 2.5 cents per mile) if a cardholder uses them (as I did recently) to pay his Citibank credit card bill. Is it possible that someone advised Citibank that whatever it reports (in dollars) on Forms 1099 can be deducted on its own 1120?

Posted by: eli bortman | Feb 1, 2012 11:10:00 AM