I always report things that probably may not even be "required" to report but I do it "just in case" like if I get "rewards points" when signing up for a retailer's website (even though you have to spend money to use the "points", etc. I've learned mostly that if you pay for something, you don't usually need to report as it's a rebate (not income), etc.
My question is this: If you get a de minimis, trivial, stupid gift from somewhere (like a company giving "compensation" for a mistake or an employee at a company apologizing for making a mistake), and you have no idea of the value of it, do you need to report it? Here is my exact example: An employee at Woori Bank in Korea needed to confirm some of my ID info (and I think US citizens have even more things to confirm.)
Long story short, she forgot one form and forgot to copy the back of my ID. So, she called from the branch multiple times saying sorry and asking me to come back in. I went back in and she was so sorry and felt so bad that she gave a little gift bag of bank-branded freebies including two toothbrush dental kits, some bank-branded toothpastes, and some bank-branded dish soap (of course all made by real manufacturers but clearly made for the bank to gift out as freebies). My wife says I am crazy if I think I need to put this on my taxes. I don't have any logical way to figure out the "value" of this to report it anyway. It's literally just stupid stuff that I didn't even care to receive in the first place and received because the employee screwed up and was gifting me it because she was sorry. And the stuff is such a low value (being toothbrushes, toothpaste, and a little soap). But my anxiety towards taxes and the IRS is really stupidly high, so can someone please let me know. Thanks.
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I agree with your wife. By the way gifts are never taxable income. so quit worrying. there nothing to report.
Thanks. Even if the "gift" is from a company employee or a company (like this bank employee who gave bank-branded "gifts")? lol (sorry)
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