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Tax Question--Freq Flyer Miles Used

In summary, the conversation discusses the deductibility of taxes on frequent flyer miles used for business travel. It states that these taxes can be deducted as a business expense if the travel is necessary for the job or business, and accurate records must be kept. However, taxes on frequent flyer miles used for personal travel are not deductible. The value of frequent flyer miles used does not need to be reported on taxes, as they are considered a rebate or discount. Self-employed individuals can also deduct these taxes as a business expense, with the same record-keeping requirements. There is a limit on the amount of taxes that can be deducted, based on standard per diem rates for the location of the business travel.
chefjwr
chefjwr
621
:( Can anyone tell me how I can take a deduction for using my husband's frequent flyer miles to go to conference last year? I used a ticket that was worth $200-$400 that could have been used for a family vacation. How do I get credit for that on my taxes???
 
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  • #2
Anyone--Help Help
 
I'm not sure you can since you didn't actually have to pay for it. You normally have to prove purchase if it's questioned. I'd check with the IRS or a very experienced tax preparer on this one. You want to make sure you get accurate information.
 
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  • #4
thanks Marisa
 

Related to Tax Question--Freq Flyer Miles Used

1. Can I deduct the taxes on my frequent flyer miles used for business travel?

Yes, you may be able to deduct the taxes on your frequent flyer miles used for business travel as a business expense. However, you must keep accurate records and be able to prove that the travel was necessary for your job or business.

2. Are the taxes on frequent flyer miles used for personal travel deductible?

No, the taxes on frequent flyer miles used for personal travel are not deductible. Only business-related travel expenses can be deducted.

3. Do I need to report the value of the frequent flyer miles I used on my taxes?

No, you do not need to report the value of the frequent flyer miles you used on your taxes. The IRS considers frequent flyer miles to be a rebate or discount, rather than income.

4. Can I deduct the taxes on my frequent flyer miles if I am self-employed?

Yes, as a self-employed individual, you can deduct the taxes on your frequent flyer miles used for business travel as a business expense. Make sure to keep accurate records of your business travel expenses.

5. Is there a limit on the amount of taxes I can deduct on my frequent flyer miles?

Yes, there is a limit on the amount of taxes you can deduct on your frequent flyer miles. The limit is based on the standard per diem rates for meals and lodging for the location of your business travel.

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