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taxfromhome
Level 1

Gift card prizes

Do I need to report prizes I won on gift cards? I won about 340 dollars of gift cards in 2025.  Do I need to report it as income? I already spent the money? 


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‎April 3, 2025 6:52 AM
last updated ‎April 03, 2025 6:52 AM
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JohnB5677
Expert Alumni
Expert Alumni

Gift card prizes

All income should be reported to the IRS. However, If you received the gift cards in 2025, they should be on the return you file next year.

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‎April 3, 2025 7:24 AM
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