Solved: We received two $100 gift cards last year from sprint for upgrading our phones. Do we have to claim those on our taxes?

We received two $100 gift cards last year from sprint for upgrading our phones. Do we have to claim those on our taxes?

posted

No, the gift cards are not taxable income to you. This is considered a discount on your phone service and it is not taxable.

Now if the phones are used for business then the percentage of the business use deduction would have to be reduced by that same percentage on the gift cards.

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No, the gift cards are not taxable income to you. This is considered a discount on your phone service and it is not taxable.

Now if the phones are used for business then the percentage of the business use deduction would have to be reduced by that same percentage on the gift cards.