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That is why some Citibank customers have been receiving 1099-MISC statements. They signed up for a bank account and as part of the marketing to get new customers to sign up they were given 25,000 to 30,000 airline miles. Since these miles are considered a gift and not a reward, they are deemed as taxable income.
Thatâs because, after exhausting your annual exclusion, you then have to exhaust your lifetime exclusion before you actually have to pay any gift tax. For example, if you give $40,000 to your brother in 2015, you will have made a taxable gift of $26,000 (that is, $40,000 minus the $14,000 annual exclusion).hatâs because, after exhausting your annual exclusion, you then have to exhaust your lifetime exclusion before you actually have to pay any gift tax. For example, if you give $40,000 to your brother in 2015, you will have made a taxable gift of $26,000 (that is, $40,000 minus the $14,000 annual exclusion).