Hi,

I just spoke with a Chase representative from their credit card "tax team" to ask whether redemption of Chase Ultimate Reward points to statement credit or to cash transferred to a checking account will be a taxable event that results in a 1099-C being issued by Chase. I was told by the representative that "if the total amount redeemed in any particular tax year is $600 or greater, Chase will issue a 1099-C".

The adviser was unable to tell me whether redeeming points for statement credit would be treated any differently to redeeming points for cash transferred to a checking account. I assume not. I also assuming that redeeming points for travel (flights, hotel, car rental) would also result in a 1099-C.

Does anyone know?

Thanks,
Jon