I don’t know if there are regulations prohibiting this, but just through it out here.
At least some have expressed the desire to have rewards other than BL products.
And BL is not ready to go the paid model route, or may never be. But could there be another way, such as an option to redeem gift cards for cash at a reduced value?
For example, $400 worth of gift cards can be redeemed at 60% of their face value for $240 in cash.
Or at a different percentage that MW thinks is fair. A threshold, such as $400 minimum, can be set to prevent too many transactions.
As far as the US, going to cash payouts gets very complicated tax wise. It starts putting them into the contractor/employee situation that uber and other companies are drowning in. The gift cards can be looked at as exactly a gift, but cash opens up a lot of IRS questions.
In the US wouldn’t that lead to a tax implications once they exceed the $599 threshold? I’m legit asking as it’s the first thing that comes to mind when websites offer up actual $$ for rewards and such.
One way a person can get around this legally though, is to buy something like a printer with the gift cards and then sell it over Facebook marketplace for near purchase value. Just a thought.
Don’t you guys have the concept of pecuniary advantage in the US? Regardless of the form of compensation, such as gift cards, printers, filament, or discount codes, it typically needs to be taxed in my country. Otherwise, companies could pay their employees solely through these means, bypassing income tax obligations altogether.
I don’t believe this is essential. BL machines can be quickly sold privately at a 5-10% discount. Occasionally, individuals are willing to pay full price when they’re eager to acquire the machine promptly, especially if it’s out of stock.
$600 is the reporting threshold for online market places and third party payment apps to submit a 1099 form to IRS. Whether or not or how much one has to pay tax depends on other factors. Too long to put it here.
The gift cards we receive from MW are not from selling though. I am not aware that we have to pay taxes on the gift cards, but I can be wrong. If the gift cards are not taxable, and if there are no regulation prohibiting redeeming it for cash, then common sense would say the cash shouldn’t be taxable either. But laws don’t always follow common sense.
Credit card reward points and cash back are not taxable becasue IRS treats these rewards as rebates or discounts on one’s purchases, not as income. I wonder if the gift cards from MW are similarly treated or has its own catogory.
Free? Nothing is free Some have said they wanted beer instead, and some said they don’t need more printers for now. I am with the latter, I have enough printers for now.
These would be like the credit card reward points.
A lot of works to set up. But a while ago I asked anyway if MW has plan to allow the use of gift cards to buy their printers from Micro Center. The answer was no.
May not be essential, but as an option to avoid having to buy and then sell a printer.
I don’t think anyone in the US consider them having tax advantages. Sorry to hear that your country also has hgih taxes. BTW, there are laws in the US agaiinst companies doing what you describe.
I do know that there is a subreddit that you can use where you can list your giftcards for people to buy, I can’t remember what it is called off the top of my head but I am sure you can find it easily.
Correct me if I am wrong but BL limits the gift cards redeemed from points to your account only right? I am not sure if they are actually transferrable or not
I was referring to some of the stuff other than BL products that some said they wish for. On the other hand, if MW offers an option to redeem points for beer, I think it will be a big hit
That percentage is just an example, I don’t know what a fair percentage should be.
If a US person sells brand new pirnters on an online market place and the transactions total $600 or more in a calendar year, it’s almost certain that there are additional works when tax time comes. IF the cash from the gift cards is not taxable, the difference will be smaller.
