BoA Credit Card 1099?

[alexxxxx]

Hello, before applying for BoA customized cash rewards credit card the fine print says that form 1099 may be issued for the signup bonus. Has anyone actually received 1099 for BoA customized or unlimited cash rewards credit cards? Thank you!

[tj]

I've never received a 1099 for any credit card signup bonus ever.

[sonofsven]

I received $500 for the BofA Business Advantage Unlimited Cash Rewards card but no 1099.

[Askel]

Did the sign up bonus on the customized cash rewards a couple years ago, never received a 1099.   

Great card by the way, I've done well with that 3% category on home improvement projects. 

[alexxxxx]

Thank you so much, appreciate your quick responses!

[eyesonthehorizon]

I received $500 for the BofA Business Advantage Unlimited Cash Rewards card but no 1099.

I wanted to say it was income over $600 gets the form & this page makes that sound correct, but you probably want to report it even if it’s less. https://www.irs.gov/forms-pubs/about-form-1099-misc

[tj]

I received $500 for the BofA Business Advantage Unlimited Cash Rewards card but no 1099.

I wanted to say it was income over $600 gets the form & this page makes that sound correct, but you probably want to report it even if it’s less. https://www.irs.gov/forms-pubs/about-form-1099-misc

Credit card bonuses are purchase rebates, not taxable income.

Now since that quoted card is a business card, if you actually used it to make a business purchase it could effect the taxable profit of one's business.

[eyesonthehorizon]

I received $500 for the BofA Business Advantage Unlimited Cash Rewards card but no 1099.

I wanted to say it was income over $600 gets the form & this page makes that sound correct, but you probably want to report it even if it’s less. https://www.irs.gov/forms-pubs/about-form-1099-misc

Credit card bonuses are purchase rebates, not taxable income.

Now since that quoted card is a business card, if you actually used it to make a business purchase it could effect the taxable profit of one's business.

If there’s a signup bonus they explicitly cite might generate a 1099 (which is an income report, afaik) it sounds like that might be treated differently from regular rebates, but I’m not an accountant.

[tj]

I received $500 for the BofA Business Advantage Unlimited Cash Rewards card but no 1099.

I wanted to say it was income over $600 gets the form & this page makes that sound correct, but you probably want to report it even if it’s less. https://www.irs.gov/forms-pubs/about-form-1099-misc

Credit card bonuses are purchase rebates, not taxable income.

Now since that quoted card is a business card, if you actually used it to make a business purchase it could effect the taxable profit of one's business.

If there’s a signup bonus they explicitly cite might generate a 1099 (which is an income report, afaik) it sounds like that might be treated differently from regular rebates, but I’m not an accountant.

I have never heard of a 1099 being generated for a credit card sign up bonus.