Are gift cards received from a bank as rewards considered taxable income?
Shannon asked:
Hello! Throughout 2008, my hubby and I have built up points through a rewards program with our bank, we then used these points to receive gift cards for restaurants that we frequent. Will we need to report these rewards as miscellaneous taxable income? Will we get a 1099 from the bank? (as we can not figure out how many we received or how much they were throughout the entire year.)
Hello! Throughout 2008, my hubby and I have built up points through a rewards program with our bank, we then used these points to receive gift cards for restaurants that we frequent. Will we need to report these rewards as miscellaneous taxable income? Will we get a 1099 from the bank? (as we can not figure out how many we received or how much they were throughout the entire year.)
Thank you in advance.
I won a $2,500 gift card for AAFES! How much will I have to pay in taxes at the end of the year?
shawn.kowalczyk asked:
I won a $2,500 gift card for AAFES! How much will I have to pay in taxes at the end of the year? My state of residence is FL (no state taxes). I am active duty military.
My taxable income will only be around 34,000 or so.
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Am i supposed to be charged sales tax on a gift card purchase?
bennyboytx asked:
Just went to radioshack and bought a PlayStation Network (gift)Card for $20. I was charged 21.50. Just wondering if that is right since I’m going to be charged tax again on the items i purchase on the PlayStation network. I’m from Illinois.
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What is the tax reporting requirements for a nonprofit giving a gift card to a volunteer?
mwduck24 asked:
We have a family that provides catering duties at no charge to our nonprofit organization. We would like to give them a sizeable gift card at the end of the year. Are there any specific tax requirements, reporting or otherwise??
We have a family that provides catering duties at no charge to our nonprofit organization. We would like to give them a sizeable gift card at the end of the year. Are there any specific tax requirements, reporting or otherwise??
if ordering online, does a gift card cover the tax as well as the shipping?
dontstopbelieving asked:
???
also another question if you an answer…
if your gift card covers the entire amount, will it still show up on your credit card billing?
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When and where do I pay taxes on a gift card I won from a raffle?
Nes asked:
Basically, I have won a gift card for $3000 from a Charity Raffle for Best Buy. This was through my company so I am not sure if I have to claim it or if I just pay the sales tax.
Basically, I have won a gift card for $3000 from a Charity Raffle for Best Buy. This was through my company so I am not sure if I have to claim it or if I just pay the sales tax.
My employer gifted me an iPod Touch and then assessed a taxable gift value of $600. What do I do?
BankerManUSA asked:
The 16GB 2nd Generation iPod Touch retails from Apple for $299.00. It has never been higher. There are no service plans, or any additional costs, and the gift didn’t come with any extras. How do I/Can I argue the difference in the value of the taxable gift assessment?
The 16GB 2nd Generation iPod Touch retails from Apple for $299.00. It has never been higher. There are no service plans, or any additional costs, and the gift didn’t come with any extras. How do I/Can I argue the difference in the value of the taxable gift assessment?
How should $40K in gift money for a first time home purchase be distibuted to avoid taxes?
BustedDreams asked:
My in-laws are being gracious enough to gift $40K. How should the money be transffered so as to avoid having to pay taxes on it. We are a family of four, myself, wife, and two sons (ages 5-9). If the answer involves giving gifts to the kids, how does gift money get to hime builder?
My in-laws are being gracious enough to gift $40K. How should the money be transffered so as to avoid having to pay taxes on it. We are a family of four, myself, wife, and two sons (ages 5-9). If the answer involves giving gifts to the kids, how does gift money get to hime builder?
What is the last date for a gift to count on 2006 taxes?
Pigg asked:
I will be receiving a number of financial gifts over the next few years and am wondering if a gift given today (or in Feb/March?) would still be eligible for the 2006 tax year.
Much as with an IRA you can contribute money in early 2007 to reduce your 2006 income, can you use this same strategy for financial gifts?…have a gift of $10,000 today be counted towards that person’s gift limit to me for 2006?
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