Are redemption of bonus points from credit cards -- for cash -- taxable?
-
Generally, value of credit card bonus in points and mileage are not taxable. I just want to know whether the redemption of those points in cash is taxable – e.g. the 100K bonus points from Chase Sapphire Reserve. i.e. are 1099 issued for cash redemptions?
TIA
-
If the regular redemption of points for cash, whether direct deposit to a bank account or a credit on the statement, isn’t taxable, why would the cash redemption of bonus points be taxable?
-
I always redeem in cash and it has never been taxed yet.
