Do I have to pay tax on a holiday gift from my employer?
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| If your employer gives you a turkey, ham, or other item of nominal value
as a Christmas
or other holiday gift, the value of the holiday gift is not taxable income and
you don't need to report it on your tax return. However, a holiday
gift payment may be called a
holiday gift but may still be taxable income which you must report on your
tax return. A holiday gift payment that is related to your past or future services is
taxable income which you must report on your tax return. If your employer gives you
a holiday gift of cash, a holiday gift certificate, or similar holiday
gift item that
you can easily exchange for cash, the value of the holiday gift is extra taxable salary or wages
regardless of the amount involved which you must report on your tax
return.. |
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Related tax
information about a holiday gift |
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Bonuses and Awards
Employee Achievement Awards
Income Related Questions and Answers |
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IRS publications about
a holiday Gift:
For further tax information about a holiday gift see IRS Publication 17, Your
Federal Income Tax. |
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Ask Julian Block your IRS and tax questions! |
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If you can't find the answer to your IRS or tax question in our
web you can call former IRS Special Agent and one of the country's foremost tax attorneys, nationally syndicated columnist ("The Tax
Adviser") Julian Block. Julian is also the tax Editor of Mutual Funds Magazine, America's premier investment magazine. To
call Julian for a tax consultation click
here. |
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