Thank you all. That was a tough read for me.
So the only rewards are from using the credit card. Everything flows from that...
They (credit card) make the rulesTo play from. If you can play it to your advantage a small bit then IRS is ok with it. If you make it your full time job to play the rules then apparently it’s income. So what value of rewards is the threshold for the IRS ? 2k, 10K, 100K. We know now that 300+K is over the limit into income.
Right (at least as far as I understand it). He was essentially able to buy $100 bills for $96 or so after all was said and done. Just took a bit of recycling the credit card to gift cards to money orders to deposit to pay the credit card. Rinse and repeat to the tune of $6.5 million it adds up.