The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  https://boards.fool.com/long-story-short-i-received-a-gift-bag-with-a-26785135.aspx

Subject:  Re: Unredeemed gift card won in contest: taxable Date:  7/3/2008  12:12 PM
Author:  Hohum77 Number:  101229 of 128748

Long story short, I received a gift bag with a bunch of ridiculously-overpriced things in it that I now owe taxes on. One of the items was a non-transferable $100 gift certificate to a website that has absolutely nothing I or anyone I know wants, even for "free." If I refuse to redeem this gift certificate, do I still owe taxes on it?


Just a guess on my part, but I suspect the answer is yes, you owe taxes on it.

Just because you don't want to use it, doesn't mean it doesn't have value. Here's an idea- why not redeem the gift certificate and donate the items with all the other items you don't want?


Hohum
Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us