Airline Miles Taxable?
4 minutes read
Citibank recently sent out 1099 forms to thousands of it’s clients indicating that their redeemed airline miles are taxable to the tune of 2.5 cents per mile and listed as miscellaneous income. This of course caused an immediate uproar not only because Airline miles could cost additional money in taxes, but also because if they’re not reported on your income tax return, the chances that the taxpayer will get hit by an Audit increases (not to mention additional penalties...