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Seriously though, how would you estimate the value of the basket?
In my case it was a number of items that are commonly sold in grocery stores so I would just look at their prices and tally them.

Seems pretty pointless, doesn't it? It seems reasonable that there would be a threshold before having to declare a gift. Anyone know for sure?

Publication 524 says "prize", it doesn't list a bottom limit. (Interestingly it does list a bottom limit for currency exchanges in your favor; you can profit up to $200 from exchanging currency for personal use without tax ramifications)

- Megan
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