Quote:
Originally Posted by tschock
Ah, but wouldn't you have to claim that card as income if someone considered it a 'payment' for your services? 
But seriously, and to add to what someone already said, I appreciate all the information you are offering here. Even if a lot of it might not apply to me, it's still good to have a general understanding of the impact. Thanks! |
LOL
Nice try, but since I wasn't billing anyone, the item would be considered more of a thank you gift, and gifts are not considered as taxable income. And as long as someone giving a gift(s) to another person keeps the total amount/value of all such gifts to that person at no more than $16,000 for the 2022 year (up from $15,000 in 2021), they don't have to report or do anything else in regards to those gifts, or owe any gift taxes on them. And if the person giving the gift(s) is married, they can actually double the amount of gifts they'd like to give me in 2022 from $16K to $32K, and still not have to worry about paying any gift tax on it. However, the person giving the gift(s) to me, and their spouse, would want to each file a Form 709 gift tax return for 2022 to report that they agreed to split the gift(s) one of them gave me, between the both of them now.
Again, nice try, but don't ever attempt to BS a BSer!
