If the card is not for a specific item (ie -"this card is good for one large coffee and a bagel at Sam's Baegl Hut"), the the card is considered a cash equivalent, and it taxable at face value.
debit gift cards expensescredit cash / bank
A gift from whom to whom? Gifts to individuals like a family member are not taxable to the person receiving it, but may be taxable to the giver in the form of gift taxes. If large sums are gifted, you need to get professional assistance as there are ways of avoiding gift taxes if set up correctly before they are gifted. Afterward, it's too bad.
Almost always yes....call it anything you want....something of value from your employer is taxable income. (Yes, a Thanksgiving turkey or Christmas bonus, etc is taxable).
only if you want it to be Famous Answerer !3 year old Female
You don't pay income tax on the receipt of the gift. However, if the gift consists of property that has gone up in value, you may have a taxable capital gain when you sell or dispose of the gift. Your brother or sister, depending on the size of the gifts he or she gives, may have to pay a gift tax, which is different than an income tax.
Yes - Gift cards from employers are taxable income. They should be reported by the employer as wages and reported by the employee as income. There is an exception if the gift is de minimus, but the exception is genuinely difficult to meet.
Its income
debit gift cards expensescredit cash / bank
A gift from whom to whom? Gifts to individuals like a family member are not taxable to the person receiving it, but may be taxable to the giver in the form of gift taxes. If large sums are gifted, you need to get professional assistance as there are ways of avoiding gift taxes if set up correctly before they are gifted. Afterward, it's too bad.
No, gifts are not taxable. However, the IRS does have some specific rules about gifts and taxes, and it's important for you to understand them. The basics are that you can give up to $15,000 worth of cash or property as a gift without filing any special tax forms (since 2018). Gifts are not taxable because it not considered income or earned income. Visit Gift a Feeling and find the perfect birthday gift customized for your loved ones.
Almost always yes....call it anything you want....something of value from your employer is taxable income. (Yes, a Thanksgiving turkey or Christmas bonus, etc is taxable).
Yes. Unless done as a gift.
There is no such thing as a "gift" at work. Anything you receive is considered "income" and therefore taxable.
I would suggest if you give them a gift cards with some specific amount on it. I thing gift card gift is the best for the Employees
Not if you're the one receiving it. Gifts are not income. Gifts are not taxable. The person who GIVES you the gift must not exceed their annual exclusion ($15,000 in 2012) if they don't want to incur gift tax liability.
only if you want it to be Famous Answerer !3 year old Female
You don't pay income tax on the receipt of the gift. However, if the gift consists of property that has gone up in value, you may have a taxable capital gain when you sell or dispose of the gift. Your brother or sister, depending on the size of the gifts he or she gives, may have to pay a gift tax, which is different than an income tax.