How to I report gifts I received from banks and other companies?


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I received bonus gifts for opening checking accounts, gifts (GPS, DVD player) for trying out a membership club (Travelers advantage), and used multiple survey websites and received gift cards in exchange for points earned. Where do I report such things on my tax return? I have not received any 1099 forms for...


Banks in Wills Point, TX



Answer (1):

 
Michael Plaks

Actually, banks usually will report such gifts as interest ans send you a 1099. But whether or not they do, you're supposed to report it as "other income" on line 21 of the 1040 form.

Michael Plaks, EA, Houston TX
www.MichaelPlaks.com

 

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