For me, that's a grey area. I would look for other answers from other experts.
Starting with something I know: if you get free money or points for opening a credit card, that's taxable. However, money or points for ongoing use are not taxable, because that is treated as a discount or rebate of the merchant fee that banks charge merchants for using the card, and discounts, coupons, and rebates are not taxable. So initial free money is taxable, but an ongoing discount is not.
Also something I know: barter income is taxable income at the cash equivalent.
So points certainly could be taxable at their cash equivalent, especially if you can buy something that costs $1000 or less, essentially for free (Floor mats? Cup holders? Branded t-shirts?). On the other hand, I can also see it being treated as a discount for ongoing owner loyalty, which would not be taxable. If you have to own a Tesla vehicle to qualify for the referral bonus, then I tend to lean slightly toward the non-taxable discount argument. Does Tesla have a FAQ or give any advice on the matter?
