Kyle's Video Blog: Airline Mileage
Kyle is back with his latest video blog post. As busy season winds down, Kyle was looking forward to using the frequent flier miles he received after opening a bank account for a nice trip. That’s until he received a 1099 in the mail requiring him to report the taxable value for these miles. Since 2002, the IRS has said that customer frequent flier miles aren’t taxable.
Suddenly this year, as reported by the Los Angeles Times, Citibank sent tax forms to customers that received airline miles as a reward for opening a checking or savings account. So, what’s up with the 1099? Watch what happens when Kyle calls the IRS.