$8500+ in Miscellaneous Income from one casino....WTF???

If it is a prize they awarded then I believe they would file a 1099 MISC. If you won a jackpot, then I believe they issue a W2-G and withhold money.

Citibank has pissed a lot of people off lately. They offered American Airlines mileage (I believe either 20k or 25k) for opening a new account. They have since sent out 1099 MISC for the value of those points. I believe the 1099 lists something like $600 to $650.

HOLY CRAP! That would piss me off beyond belief. What a crock.

J

Just don't declare anything on your tax form. You'd be surprised what they don't check.

I take advantage of bank/card promotions almost always if "enough" for the hassles.

In 2011, I opened accounts at JPMorgan, Wells Fargo, Royal Bank Canada, ING, Perk Street Financial, local credit union, and three other "cards" strictly for the promotion bonus money. I usually close them 6-9 months later so I can "qualify" the following year. Been doing this for a long time, and it's netted me hundreds per year.

I also "accumulate" some of those coupon offers and sell them on eBAY for as much as $20-$25.00.

Every bank, in the terms and conditions, and usually printed on the offer indicates that the bonus / promotion money would be paid as interest, and reported.

Currently I have bonuses pending or paid in the amount of $245.00. There may be something I forgot for a few dollars more. Bank whoring has been a "hobby" of mine for years. Total for 2011-2012, so far, is about $550.00 + cashback on at least one card (2% for 90 days) yet to be determined since I don't know what I'll spend. (I've already received $40.00 in bonuses from that for spending my first $100 and meeting some easy and "small" deposit requirements.)

My "regular" bank is Chase/JP Morgan. 3-6 months after closing that account, I've always received an offer for a minimum of $125.00 for checking and sometimes another one for savings/CD. So I close that Chase regularly and wait for an invite, while doing my banking with Wells Fargo. (Or vice versa). My other banks and cards are only for bonus money. I qualify, than close the account 6-9 months later.

May sound complicated, but it's not. Most of them sit dormant until or after I "qualify" for the bonuses. Some require the account remain open for 90 days, some longer.

And each year, I recieve those W-2 or 1099 or whatever from every bank I did an offer at.