Just a heads up that AmEx is sending 1099-MISC forms to those who earned a referral bonus on one of their credit/charge cards in 2018. MR, SPG/Marriott, and Delta points are getting valued at 1cpp, Hilton points are being valued at .67cpp. If you haven't filed your taxes yet and know you got some referral bonuses, you should wait to receive these 1099s. You will get one per account that earned a referral bonus.
Note that this is only for referral bonuses. Signup bonuses and general point earning are considered rebates on spending and are therefore not taxable.
There has been some discussion on other forums about whether you can adjust AmEx's valuations to fair market value, as well as what fair market value would even be. There have also been questions about whether you can then deduct the annual fee on the credit card as an expense that was necessary to be able to obtain the referral bonuses. I highly encourage anyone considering these or other options to discuss them with a tax professional first.
Submitted February 01, 2019 at 09:49AM by IShouldBeDoingSmthin http://bit.ly/2Rxv4pM
