Chase Sapphire Checking 60,000 UR points question

[Anonymous]

Chase Sapphire Checking is offering 60,000 UR points for 75K new money. This does not conflict with CPC checking. I talked to my CPC banker last week and get this offer. 

60,000 Offer Letter

[Anonymous]

Does anyone know do I need to pay tax on the reward points?

[Shadowfactor]

Since the bonus is given in the form of UR points which make it akin to a credit card welcome offer, you shouldn’t have to pay tax on it.

But I’m not a tax advisor by any means.

[DrZoidberg]

IRS says points obtained from opening new accounts are taxable if the rewards are worth a certain $ amount (forgot the threshold). But points awarded as part of purchasing, are considered rebates and not taxable. 

[UncleB]

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@DrZoidberg wrote:

IRS says points obtained from opening new accounts are taxable if the rewards are worth a certain $ amount (forgot the threshold). But points awarded as part of purchasing, are considered rebates and not taxable. 

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+1

I would expect the bonus to be taxable at the rate Chase values the points at, which might be interesting.

[Revelate]

Given when I applied (and should receive this offer) they had another that I could've gotten, one or the other, for the same $75K dropped into a checking account I could get $750.

The Sapphire Checking UR offer does state I'm going to get a 1099 for it, and I am thinking it will be for $750 as a result.

I'll let you know in January .