I love credit cards so much! v2.0 (see first page for add'l details)

[1st*toright]

Was reading back through and just caught this, now THIS is an interesting question. We too have a rental property, and I always use real rental income on biz card apps. So I wonder, can one deduct the value of the 1099 from biz card referral bonuses against the gain/loss on the property? But then that's probably opening up questions about what you're using the card to purchase, and if it's not 100% biz-related that might not be smart.

This was exactly my thought process! My biz cards are all technically related to my rental business. I don't, however, deduct the AFs for my biz cards on my schedule C. I think there is a good case to deduct the AF, but I haven't done it (just seems to open up potential questions). If you were to include the income from the 1099 in your "business income", then I would think there is a good argument to deduct the AF from any business cards. If nothing else, you potentially would pay a lower rate on the 1099 income (because of the new business income deduction which drops your rate on Sched C income) and you might even wipe that income out with AFs, depending on the relationship between your biz card AFs and your 1099 income. Only applicable to folks who have a business instead of a "business" and are reporting an actual Sched C business.

I'm thinking about deducting the ridiculous amount of $$$ turbo tax is costing me this year - if I didn't have my schedule C businesses, I could use a much cheaper version, so at least part of the increased cost should be considered a business expense!

None of this is tax advice - I am a CPA, but only know what Turbo Tax tells me about personal income taxes

 

[amalone1013]

In an effort to forget the AMEX ridiculousness, I am pondering if the item I am watching on Ebay is just not terribly popular to buy, or if there are others like me out there. Ends in 1.5hrs and has no bids at this time.

 

[Albort]

Has anyone on reddit called to find out?

If they do that then I should be ok as well. I only had 2 referrals on my DL biz so a total of 20k miles. Though I've only seen mention of MR and Hilton, is it not counting on miles?

speaking of Chase, there is a very good reason all Chase card's referrals are capped at 5.

 

[Lain]

I don't get it, why start now? The only instance we have of this is Chase in 2017 who eventually ended up issuing corrected 1099s for $0 but some people went through a couple 1099s from Chase for their referrals before they got to $0. Chase obviously found reasons not to do this, and Amex previously found reasons not to, so WT$ went wrong with Amex this year?

Omg, if we go through all this to find out they had a computer glitch...

Amex did get a new CEO last year. I wonder if these schizophrenic tactics against bonuses and referrals are because of new leadership? Looks like I’m going to be walloped by a few thousand more on the 1099s.

 

[Albort]

Amex did get a new CEO last year. I wonder if these schizophrenic tactics against bonuses and referrals are because of new leadership? Looks like I’m going to be walloped by a few thousand more on the 1099s.

seems like amex is trying to earn money back from losing so many big accounts...
and they say they want to expand... hurt the customers seems like the way they are going...

 

[wanderlust7]

I wouldn't want to make it that complicated anyway. This year will be worse anyway because I've got to include the microwave I bought at Lowe's and had them pick up so I could use a lowe's offer on my biz card. Which there's another pickle, technically according to Lowe's I spent 212 and change or whatever it was, but then I got 10% back from amex. So technically I should probably only put what I paid however I'm not putting my credit card statement with my tax stuff and I have the receipt from Lowe's, so that's what I'll use. Plus I have to figure out when the renter's moved out and moved in because the rent changed so I lost 2 months but then do I do that at the old price or the new price. Maybe waiting to do them isn't so bad after all

But when I file the rental income, a vacancy isn't really a "loss" in the sense that I need to do something differently. It's just total rental income received for the year and total expenses for the year (including during the vacancy) - then see if it comes out positive or negative.

Not a tax expert though, maybe there are different ways to do it.

 

[afan]

But when I file the rental income, a vacancy isn't really a "loss" in the sense that I need to do something differently. It's just total rental income received for the year and total expenses for the year (including during the vacancy) - then see if it comes out positive or negative.

Not a tax expert though, maybe there are different ways to do it.

And that could be how I did it 3 yrs ago. Taxact helps me through it.

 

[striker1064]

speaking of Chase, there is a very good reason all Chase card's referrals are capped at 5.

But is there? I'm guessing you're talking about $600 value, right? Isn't the CIP referral 20k? This only works if every value is less than or equal to the highest available referral, and I doubt Chase values their URs at 0.5 cpp.

 

[SBWB48]

Amex did get a new CEO last year. I wonder if these schizophrenic tactics against bonuses and referrals are because of new leadership? Looks like I’m going to be walloped by a few thousand more on the 1099s.

seems like amex is trying to earn money back from losing so many big accounts...
and they say they want to expand... hurt the customers seems like the way they are going...

Interesting observation, and something I've kept tabs on myself, for personal and professional reasons. Amex is a company I cover (part of my profession), so when combing through their earnings releases in recent quarters, and particularly this quarter, there were highlights that include:

Millennials a key part of the story.

47% of new Platinum accounts since the Platinum refresh

54% of referral billed business volumes

accounted for 36% of new customers

demonstrate a willingness to pay fees, 59% of new accounts being fee-based

"Revenue growth was partially offset by higher expenses, particularly on the card member acquisition and engagement front"


Others in the analyst community, apart from myself, have also noted expenses have been elevated quite a bit in recent quarters, so not surprised. However, not sure what issuing 1099s do on that front. As far as RAT initiatives, that is expected.

 

[Albort]

But is there? I'm guessing you're talking about $600 value, right? Isn't the CIP referral 20k? This only works if every value is less than or equal to the highest available referral, and I doubt Chase values their URs at 0.5 cpp.

considered that amex says Hilton points are worth $.0125 pp, its all made up imo... lol.

 

[DisneyMandC]

Sooooo Southwest just started direct flights to Orlando back up from my home airport... Saturday direct flights. They're PERFECT for our trip to WDW in the fall. Really considering this.

ETA: If I were to transfer URs to SW to book these, would I be able to cancel and rebook with Southwest points again if the prices drop? Or would I be better off just booking with URs at 1.25 with my CIP?

 

[papaof3]

I would like to know this also. Wondering how to get access. I would like to busy some AA Business mailers.

Need to go to churningmarketplace and request to be a member to the moderators via a message. Maybe my first request didn’t work but I sent another today and am in. I believe u need to send via desktop computer reddit page and not the app. I’m looking for a business mailer to stay under 5/24 and get my second AA business card after 95 days with the first. I signed up for Aa accounts using a business address it have not received any AA mailers. I think the business ones are hard to get hence needing to trade or pay for them.

 

[Mopedmom1]

Any help would be appreciated in trying to figure out when my SW BIZ statement is going to close. I applied 01/04/19 and was approved 01/07/19. Online shows next payment due March 03, 2019 and "Your next statement period ends on Not available." I have $300 left to meet MSR and I really want to get it done ASAP to get the points for the CP. TIA

 

[amalone1013]

Sooooo Southwest just started direct flights to Orlando back up from my home airport... Saturday direct flights. They're PERFECT for our trip to WDW in the fall. Really considering this.

ETA: If I were to transfer URs to SW to book these, would I be able to cancel and rebook with Southwest points again if the prices drop? Or would I be better off just booking with URs at 1.25 with my CIP?

I think transferring would give you slightly more value per point overall, but I'd do it no matter what for the flexibility in case they go down, etc. We alwasy fly SW though

 

[gottalovepluto]

DL 1cpp confirmed. Just got my 1099s (which all came in one envelope) & DL was included. Stupid Amex.

 

[amalone1013]

DL 1cpp confirmed. Just got my 1099s (which all came in one envelope) & DL was included. Stupid Amex.

 

[Lain]

DL 1cpp confirmed. Just got my 1099s (which all came in one envelope) & DL was included. Stupid Amex.

All in one envelope, huh? This should be fun.

 

[wendow]

Sooooo Southwest just started direct flights to Orlando back up from my home airport... Saturday direct flights. They're PERFECT for our trip to WDW in the fall. Really considering this.

ETA: If I were to transfer URs to SW to book these, would I be able to cancel and rebook with Southwest points again if the prices drop? Or would I be better off just booking with URs at 1.25 with my CIP?

I'd transfer to SW to book. Much more flexibility!

 

[DisneyMandC]

I think transferring would give you slightly more value per point overall, but I'd do it no matter what for the flexibility in case they go down, etc. We alwasy fly SW though

The flights are already at $150 per person, so I don't know if they'd even go any lower. Of course, the Chase portal is currently down for me to check there This is really exciting to me because I LOVE Southwest but they never have good flights from my home airport! My mom actually saw this before I did and just sent it to me. I'll happily take a direct flight to Orlando at convenient times.

 

[platamama]

Sooooo Southwest just started direct flights to Orlando back up from my home airport... Saturday direct flights. They're PERFECT for our trip to WDW in the fall. Really considering this.

ETA: If I were to transfer URs to SW to book these, would I be able to cancel and rebook with Southwest points again if the prices drop? Or would I be better off just booking with URs at 1.25 with my CIP?

If you transfer URs to SW, then rebook if the prices drop, you would get SW RRs back into your SW account.

If you book with URs, and rebook if the prices drop, you would get left with SW travel funds that expire within 12 months and need to be used by the person whose name is on the ticket. Otherwise it's lost money.