American Express: My Wish List (tm)

American Express has resurrected their My Wish List[sup]TM[/sup] promotion. In this promotion they offer up different items for sale over a multiday period for low-to-insane prices. As an example I think the first one had a BMW Z4 (or similar) offered at $5,000 (USD). The list of that car is more like $40k, IIRC. The current sale started with big motorcycles, then home theater system, fancy robo-vacuum, etc. They offer a limited number of each item, maybe 3 of the BMWs, 8 of the motorcycles, 300 blenders, 100 beds. You get the picture. I tried to buy a $5,000 BMW but wasn’t quick or lucky enough.

Now if I win a cruise or the lottery I have to pay tax on this as “income”. But what about very reduced price goods? If a car is worth $40,000 but I get it for $5,000, did I just get a keen bargain or have I won a prize? Does it change if I turn the car around the next day and sell it for $30,000?

While you may only pay Amex 5 grand for the car, don’t be surprised if you are responsible for the sales tax in your state for the entire MSRP.

This is only a WAG; I suggest you read the fine print.

Ok, but that would be sales tax (and I’ll go read the fine print). I was more interested in whether it’s declarable as income.

Hey Shibb,

Yes, it is declarable as income. Sales tax is based on actual price paid and not the recommended retail price.

Here is the FAQ:

Weird to see this on the SDMB. I work for AMEX right next to some of the people who run this campaign.

So what you’re saying is that you’ll hook us up with some cheap Beemers, then.

Yeah, that’s the ticket. And can you let us know what’s coming up next week?

If I told you, I’d have to cash out my Membership Rewards points to have you killed.

How many points is that running these days? Just curious.

A meager 25 million. But you have to have the special black card.

My Wish List ™

  1. An airline where I can actually use my Rewards/Points on an actual flight going to a place where I actually want to go.

  2. Peace on earth.

  3. A decent Cafe Society thread.

I’ve only got 58,000 points. I understand I may have to settle.

[sub]HS–member since 1984[/sub]