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I received some gift merchandise from a retailer for providing reviews. Are these taxable? Is there any maximum limit for which I do not have to pay taxes?

 
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MinhT
Expert Alumni

I received some gift merchandise from a retailer for providing reviews. Are these taxable? Is there any maximum limit for which I do not have to pay taxes?

Gifts received in exchange of reviews are taxable. If you had no profit motive, this could be considered as hobby income and is reported as Other reportable income. There is no threshold under which this income is not taxable.

You need to report the fair market value of the gifts as Other Reportable Income.

In TurboTax, open your return and follow these steps:

  • Click on Federal Taxes, then on Wages and Income
  • Under All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom
  • On the next page, click Start next to Other Reportable Income (see attached screenshot).

 


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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
MinhT
Expert Alumni

I received some gift merchandise from a retailer for providing reviews. Are these taxable? Is there any maximum limit for which I do not have to pay taxes?

Gifts received in exchange of reviews are taxable. If you had no profit motive, this could be considered as hobby income and is reported as Other reportable income. There is no threshold under which this income is not taxable.

You need to report the fair market value of the gifts as Other Reportable Income.

In TurboTax, open your return and follow these steps:

  • Click on Federal Taxes, then on Wages and Income
  • Under All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom
  • On the next page, click Start next to Other Reportable Income (see attached screenshot).

 


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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