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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?

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