Recent advancements have showcased the potential of Large Language Models (LLMs) in executing reasoning tasks, particularly facilitated by Chain-of-Thought (CoT) prompting. While tasks like arithmetic reasoning involve clear, definitive answers and logical chains of thought, the application of LLM reasoning in recommendation systems (RecSys) presents a distinct challenge. RecSys tasks revolve around subjectivity and personalized preferences, an under-explored domain in utilizing LLMs' reasoning capabilities. Our study explores several aspects to better understand reasoning for RecSys and demonstrate how task quality improves by utilizing LLM reasoning for both zero-shot and fine-tuning settings. Additionally, we propose $\textbf{Rec-SAVER}$ ($\textbf{Rec}$ommender $\textbf{S}$ystems $\textbf{A}$utomatic $\textbf{V}$erification and $\textbf{E}$valuation of $\textbf{R}$easoning) to automatically assess the quality of LLM reasoning responses without the requirement of curated gold references or human raters. We show that our framework aligns with real human judgment on the coherence and faithfulness of reasoning responses. Overall, our work shows that incorporating reasoning into RecSys can improve personalized tasks, paving the way for further advancements in recommender system methodologies.