I have Jean Scott and Marissa Chien's "Tax Help for Gamblers", but wondered if anyone could give me a quick answer on whether or not you're supposed to claim gift cards from casinos?
Gift cards and taxes
Do you claim "gift" cards given to you by your relatives as taxable income?
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--- On Tue, 3/10/09, justmarelv <justmare111@aol.com> wrote:
From: justmarelv <justmare111@aol.com>
Subject: [vpFREE] Gift cards and taxes
To: vpFREE@yahoogroups.com
Date: Tuesday, March 10, 2009, 12:32 PM
I have Jean Scott and Marissa Chien's "Tax Help for Gamblers", but wondered if anyone could give me a quick answer on whether or not you're supposed to claim gift cards from casinos?
[Non-text portions of this message have been removed]
http://www.irs.gov/businesses/small/article/0,,id=108139,00.html#5
"The general rule is that any gift is a taxable gift."
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--- In vpFREE@yahoogroups.com, Dan Hoover <hoover36@...> wrote:
Do you claim "gift" cards given to you by your relatives as taxable income?
--- On Tue, 3/10/09, justmarelv <justmare111@...> wrote:
From: justmarelv <justmare111@...>
Subject: [vpFREE] Gift cards and taxes
To: vpFREE@yahoogroups.com
Date: Tuesday, March 10, 2009, 12:32 PMI have Jean Scott and Marissa Chien's "Tax Help for Gamblers", but wondered if anyone could give me a quick answer on whether or not you're supposed to claim gift cards from casinos?
[Non-text portions of this message have been removed]
That's funny!
Because, irs.gov further states, "However, there are many exceptions to this
rule."
Personally, I do not include gift cards (received from anyone or any
business) as income on my income tax return. Nor, do I know anyone who
does.
Curtis
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On 3/10/09, nightoftheiguana2000 <nightoftheiguana2000@yahoo.com> wrote:
http://www.irs.gov/businesses/small/article/0,,id=108139,00.html#5
"The general rule is that any gift is a taxable gift."--- In vpFREE@yahoogroups.com, Dan Hoover <hoover36@...> wrote:
> Do you claim "gift" cards given to you by your relatives as taxable
income?
>
> --- On Tue, 3/10/09, justmarelv <justmare111@...> wrote:
> I have Jean Scott and Marissa Chien's "Tax Help for Gamblers", but
wondered if anyone could give me a quick answer on whether or not you're
supposed to claim gift cards from casinos?
[Non-text portions of this message have been removed]
That is a bit misleading. Here is a more complete reading of the above "article". As always, even with statements like this, IRS rules are complicated and subject to (subjective on the part of the IRS?) interpretation. Best to consult your "smart" tax accountant! <smile>
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--- In vpFREE@yahoogroups.com, "nightoftheiguana2000" <nightoftheiguana2000@...> wrote:
http://www.irs.gov/businesses/small/article/0,,id=108139,00.html#5
"The general rule is that any gift is a taxable gift."
==========
What can be excluded from gifts?
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.
Gifts that are not more than the annual exclusion for the calendar year.
Tuition or medical expenses you pay for someone (the educational and medical exclusions).
Gifts to your spouse.
Gifts to a political organization for its use.
In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.
..... bl
The original question was whether gift cards from casinos constitute
income for income tax purposes. The responses, including those that
cite the IRS, refer to gift taxes.
A little knowledge is a dangerous thing. If in doubt, consult a
professional.
Goldfada apparently missed my response. I said, "Personally,
I do not include gift cards (received from anyone or any business)
as income on my income tax return. Nor, do I know anyone who
does."
I answered the original question.
When I said, "gift cards (received from anyone or any business)"
any business includes casinos.
I was not referring to gift taxes, as gift tax is not reported on
my income tax return.
In my comment ["gift cards (received from anyone or any
business)"], 'any business' includes casinos.
Yes, a little knowledge *is* a dangerous thing! 
Curtis
···
On 3/11/09, GOLDFADA <GOLDFADA@excite.com> wrote:
The original question was whether gift cards from casinos constitute
income for income tax purposes. The responses, including those that
cite the IRS, refer to gift taxes.A little knowledge is a dangerous thing. If in doubt, consult a
professional.
[Non-text portions of this message have been removed]
I receive a goodly amount of income from 1099 misc winnings and I do include gift cards as part of my returns.
···
--- In vpFREE@yahoogroups.com, Curtis Rich <LGTVegas@...> wrote:
Goldfada apparently missed my response. I said, "Personally,
I do not include gift cards (received from anyone or any business)
as income on my income tax return. Nor, do I know anyone who
does."I answered the original question.
When I said, "gift cards (received from anyone or any business)"
any business includes casinos.I was not referring to gift taxes, as gift tax is not reported on
my income tax return.In my comment ["gift cards (received from anyone or any
business)"], 'any business' includes casinos.Yes, a little knowledge *is* a dangerous thing!
Curtis
Casino gift cards are similar to credit card rebates or mileage offers which are considered purchase price adjustments so that they are not includable in income, but rather a refund of prior purchases. Sometimes these are given in the form of gift cards by major retailers. Therefore I would conclude they are not incluable in taxable income.
···
--- On Wed, 3/11/09, jpq321 <jpquarz@cox.net> wrote:
From: jpq321 <jpquarz@cox.net>
Subject: [vpFREE] Re: Gift cards and taxes
To: vpFREE@yahoogroups.com
Date: Wednesday, March 11, 2009, 7:36 PM
--- In vpFREE@yahoogroups. com, Curtis Rich <LGTVegas@.. .> wrote:
Goldfada apparently missed my response. I said, "Personally,
I do not include gift cards (received from anyone or any business)
as income on my income tax return. Nor, do I know anyone who
does."I answered the original question.
When I said, "gift cards (received from anyone or any business)"
any business includes casinos.I was not referring to gift taxes, as gift tax is not reported on
my income tax return.In my comment ["gift cards (received from anyone or any
business)"], 'any business' includes casinos.Yes, a little knowledge *is* a dangerous thing!
Curtis
I receive a goodly amount of income from 1099 misc winnings and I do include gift cards as part of my returns.
[Non-text portions of this message have been removed]
Oops, I hit send by accident. To continue:
These items are governed by the “all events test.” This test provides that all the events that fix the right to receive income generally occur when (1) the payment is earned through performance, (2) payment is due to the taxpayer, or (3) payment is received by the taxpayer, whichever happens earliest. This often occurs at a subsequent date when the recipient does something to earn the money, such as when the recipient provides a product or service to the payee.
Since they are not earned by performance, but rather are a rebate on exoenditures, they should not be taxed.
···
--- On Thu, 3/12/09, NC Wanderer <larbo929@yahoo.com> wrote:
From: NC Wanderer <larbo929@yahoo.com>
Subject: Re: [vpFREE] Re: Gift cards and taxes
To: vpFREE@yahoogroups.com
Date: Thursday, March 12, 2009, 8:18 AM
Casino gift cards are similar to credit card rebates or mileage offers which are considered purchase price adjustments so that they are not includable in income, but rather a refund of prior purchases. Sometimes these are given in the form of gift cards by major retailers. Therefore I would conclude they are not incluable in taxable income.
--- On Wed, 3/11/09, jpq321 <jpquarz@cox. net> wrote:
From: jpq321 <jpquarz@cox. net>
Subject: [vpFREE] Re: Gift cards and taxes
To: vpFREE@yahoogroups. com
Date: Wednesday, March 11, 2009, 7:36 PM
--- In vpFREE@yahoogroups. com, Curtis Rich <LGTVegas@.. .> wrote:
Goldfada apparently missed my response. I said, "Personally,
I do not include gift cards (received from anyone or any business)
as income on my income tax return. Nor, do I know anyone who
does."I answered the original question.
When I said, "gift cards (received from anyone or any business)"
any business includes casinos.I was not referring to gift taxes, as gift tax is not reported on
my income tax return.In my comment ["gift cards (received from anyone or any
business)"], 'any business' includes casinos.Yes, a little knowledge *is* a dangerous thing!
Curtis
I receive a goodly amount of income from 1099 misc winnings and I do include gift cards as part of my returns.
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]