How can we gift rewards points between family members?

No. You can try contacting Microsoft Rewards support via the contact link at the bottom of the Rewards site and see if support has any more information.

At the moment, it's not possible to do. They took down the option over the summer stating they were doing maintenance, but it hasn't returned.

Is there any word as to weather it is coming back in the future?

Hi Jason,

There is no longer an option to transfer Microsoft Rewards points to Family members. If you're looking to use Microsoft Rewards to get some money into family members' accounts, the best you can do is redeem your points for a voucher and gift the voucher to your family member.

Regards,
Another Jason

Hi there,

If you're asking about the points earned from Bing Rewards, yes. You can redeem those points for a gold membership and gift that code to a family member in the same region/country as you.