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He Got $300k from Credit-Card Rewards. The IRS Said It Was Taxable Income
- cwwc 6y agoHis method -- buy VISA giftcards at a grocery with his AMEX 5% cash back, then use those giftcards to purchase $$ transfers into his bank account (which would then be used to pay his AMEX bill).
- mindslight 6y agoThanks! Your comment + the headline + basic understanding of tax law supplies the whole story, without needing to engage with their formulaic clickbait.
- dzhiurgis 6y agoThe other trick I heard is betting on two opposing teams in two betting sites. AFAIK got my mate banned after collecting $70k.
- deleted 6y ago[deleted]
- 177tcca 6y agoWhat site doesn't collect vig on the heavy side?
- j_walter 6y agoIt's called manufactured spending...
- canadianfella 6y agoWhat is? ...?
- cromka 6y agoTax Court memorandum decision: https://www.doctorofcredit.com/wp-content/uploads/2021/02/KONSTANTIN-ANIKEEV-AND-NADEZHDA-ANIKEEV-Petitioners-v-COMMISSIONER-OF-INTERNAL-R.pdf https://www.doctorofcredit.com/wp-content/uploads/2021/02/KO...
- boring_twenties 6y agoSeems to be the same article, but without the paywall: https://www.morningstar.com/news/dow-jones/202103071463/he-got-300000-from-credit-card-rewards-the-irs-said-it-was-taxable-income https://www.morningstar.com/news/dow-jones/202103071463/he-g...
- prepend 6y agoThis seems reasonable on the IRS’ part. Subject should just pay taxes and move on.
- willio58 6y agoAgreed, it is income. Money received through work, in this case gaming the credit card company.