Do You Have to Report Gift Cards As Income Through the IRS?
Gift cards have become a popular option, both as personal gifts and for companies to give their employees. Income taxes must be paid on a gift card's amount in certain situations, although not all gift cards are taxable.
Types
Gift cards received as personal gifts between two individuals are not required to be reported to the Internal Revenue Service, and taxes do not need to be paid on such gifts. However, gift cards from an employer are considered taxable income and must be reported to the IRS.
Considerations
Gift cards given to employees to be used for specific personal property items may be excluded from reporting requirements, as may gift cards used to compensate an employee for meal and transportation benefits when working overtime, according to the IRS website.
Warning
People who give gift cards with high monetary value often are responsible for paying a gift tax on their donations. The IRS website suggests that people who might need to pay a gift tax talk to a tax professional.
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