i recently opened a brokerage account at
Is that reported as interest, or just it just reduce the cost basis for my first trade?
My guess is a 1099INT. But why not just ask them?
Whoever you ask will not know, or worse yet, will answer something anyway. It is not interest, why would it be 1099INT'd? I would treat it as a credit against future charges and fees, and not report those future charges and fees until the credit is used up.
It's advertised as an account bonus. As such, it will most probably be treated in the same manner that banks treat new account bonuses. It is taxable income. The rebate part of the program is nothing more than a reduction in your commission cost.
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