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re: If I use points for a business trip, can I still deduct the cost from my taxes?
Posted on 9/5/16 at 7:22 pm to TigerintheNO
Posted on 9/5/16 at 7:22 pm to TigerintheNO
quote:
About 10-15 years back, the IRS busted a whole bunch of NBA refs for not reporting. They were down grading from first class to coach, and taking the cash or the equivalent in airline miles. The refs' CBA allowed them to do it, but they didn't pay the tax on it. When the IRS came calling some of the refs tried to produced fake receipts.
That was a different situation. That case had to do with expense reimbursements, essentially. The refs had an unaccountable plan, which meant they were not required to turn in receipts to be reimbursed. Because they received more in value than the applicable expense, the difference is taxable income.
1
Posted on 9/6/16 at 12:04 pm to LSUFanHouston
quote:
LSUfanHouston
Good to know. Makes sense.
As far as trying to tax points goes, I feel like that is just impossible because like I said - How are you going to assign a value to points? Only way I can think of is taxing the difference between the statement credit value and the redemption value. But then since you already paid an AF to have those benefits, does that become tax deductible? Also so many different kinds of points and so many ways to redeem, and so many different price levels for the same redemption. Coupled with the reasons you mentioned, I think the possibility to tax points is remote.
This post was edited on 9/6/16 at 12:06 pm
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