I want to put $100k into bankdirect.com checking account for a year to earn 120,000 AAdvantage miles + 0.5% interest. Is the 120,000 miles taxable or is it considered a gift similar to the clock-radio you get when opening an account. If taxable, how do the IRS convert the miles into cash value? If not taxable, then it's a better deal than the 2% (taxable)interest I'm getting from banks.