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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?
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No. of Recommendations: 0
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
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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?

Yes, and what others could learn from this is just because you "win" something you don't have to accept it.

Would a charity have any use of the card? Any of the items on the website useful as Christmas or birthday gifts?

Debra
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(LudditeAndroid:) Long story short, I received a gift bag with a bunch of ridiculously-overpriced things in it that I now owe taxes on.
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OK, so you're a famous celebrity hiding behind a silly screen name (like the rest of us, no doubt).

So, was this at the Oscars or Tonys?
Your public demands to know!
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