Does the offer mention if American Express will issue a 1099 for the points, and the value they will assign for income tax purposes?
The precise language from the e-mail offer I received is as follows:
NOTE: The value of the bonus may be taxable income to you and may be reported on IRS Form 1099. You are responsible for any federal or state taxes resulting from the bonus. Please consult your tax advisor if you have questions about the tax treatment of the bonus.