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Old 01-07-2012, 08:31 AM   #1
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Where do I put Swagbucks gift cards on my taxes?

I'm starting to get myself organized and wonder where I put the gift cards I earned on my Fed. taxes. Will it be obvious or will I need some other form to fill out?

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Old 01-07-2012, 08:41 AM   #2
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Re: Where do I put Swagbucks gift cards on my taxes?

I would think that if you don't get 1099 for it you don't have to claim it and as long as you didn't make over $600 you shouldn't get 1099 for it.
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Old 01-07-2012, 09:18 AM   #3
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Re: Where do I put Swagbucks gift cards on my taxes?

Well, you have to pay taxes on money earned, regardless of the amount. Well, I think there is a lower threshold, but our family will be over that. The 1099 is just for over $600, but that doesn't mean you don't pay taxes on it if it's under $600. I'm wondering if I treat it like selling things on ebay?
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Old 01-07-2012, 09:53 AM   #4
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Re: Where do I put Swagbucks gift cards on my taxes?

Does it really count as money or earned income? I don't swag but it seems like no real money is involved
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Old 01-07-2012, 10:00 AM   #5
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Re: Where do I put Swagbucks gift cards on my taxes?

I agree that you have to pay taxes on money earned, regardless of amount, regardless of whether you receive a 1099 or not. But I really don't think Swagbucks is actually money earned, it is more like a promotional discount you receive.
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Old 01-07-2012, 10:24 AM   #6
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Re: Where do I put Swagbucks gift cards on my taxes?

Hmm. Maybe not income. It'll be interesting if the big winners post on a blog that they got a 1099 for 2011. I've tried googling it and have no answers.
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Old 01-07-2012, 10:33 AM   #7
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Does swag have an FAQ? Seems like you shouldn't be the first person asking this question.
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Old 01-07-2012, 10:34 AM   #8
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Re: Where do I put Swagbucks gift cards on my taxes?

It is not taxable income as it is not cash earned. Giftcards are not taxable it is a promotion not a lottery winning.
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Old 01-07-2012, 10:34 AM   #9
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Re: Where do I put Swagbucks gift cards on my taxes?

If anyone would like 100% certainty, I can ask my mom she is retired from the IRS and her husband is also a retired IRS manager.
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Old 01-07-2012, 10:35 AM   #10
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Re: Where do I put Swagbucks gift cards on my taxes?

Quote:
Originally Posted by cacasey1981 View Post
Does swag have an FAQ? Seems like you shouldn't be the first person asking this question.
Yeah that
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