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Banks provide services that people want. Gift cards are for people who think it is tacky to gift cash/check but for some reason find plastic less tacky than pap
by NewJazz 10mo ago
Banks provide services that people want. Gift cards are for people who think it is tacky to gift cash/check but for some reason find plastic less tacky than paper.
Income taxes are easy. 1099-INT. Your bank gives you one, your brokerage gives you one, and your escrow account gives you one.
- gruez 10mo ago>Income taxes are easy. 1099-INT. You think people are going to diligently collect all the 1099-INT forms for all the cards scattered around the house? If you forgot about a gift card, are you suddenly a tax evader?
- dsr_ 10mo agoOther direction: the entity giving you the income is responsible for supplying the 1099-INT statement in January. That said, they could be required to supply a copy electronically directly to the IRS and the IRS could calculate your taxes for you. Change the responsibility for correctness from the taxpayer to the government, and offer an incentive to catch a mistake.
- gruez 10mo ago>Other direction: the entity giving you the income is responsible for supplying the 1099-INT statement in January. How does that work when gift cards aren't registered to anybody, and can be transferred between people without the issuer knowing about it?
- NewJazz 10mo agoOK fair enough