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Are Amazon Gift cards from Swagbucks taxable?


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Showing 1-9 of 9 posts in this discussion
Initial post: Aug 31, 2011, 9:06:44 AM PDT
I have started to redeem my swagbucks for Amazon gift cards, do I need to declare these cards as income on my tax returns?

Posted on Aug 31, 2011, 9:18:06 AM PDT
Probably.

In reply to an earlier post on Aug 31, 2011, 9:19:54 AM PDT
Last edited by the author on Aug 31, 2011, 9:20:48 AM PDT
Yes, it is income, in a sense. But I haven't the info for the forms you'd need, or WHERE on the 1040 you need to declare it.

I suggest a visit to the irs.gov site and your own state's irs site.

Posted on Aug 31, 2011, 9:35:33 AM PDT
Yes, definitely. Depending on the regularity of your activity, either Line 21 or Schedule C could be appropriate.

Heck, if you find $20 on the sidewalk, IRC 61(a) says it goes on your tax return. Gifts, inheritances, and items specifically enumerated in Code Secs 101-140 are the only nontaxable items.

Internal Revenue Code Section 61(a)
Except as otherwise provided in this subtitle, gross income means all income from whatever source derived

In reply to an earlier post on Aug 31, 2011, 9:38:51 AM PDT
Thanks, Phoebe, for the more detailed info. :)

In reply to an earlier post on Aug 31, 2011, 9:39:33 AM PDT
Swagbucks would have to send everyone 1099s or some similar form that declares payment.

In reply to an earlier post on Aug 31, 2011, 11:08:00 AM PDT
Last edited by the author on Aug 31, 2011, 11:08:23 AM PDT
Swagbucks will, indeed, send you a 1099 if you've made at least the threshold amount of $600. Note that it's taxable regardless whether you receive a 1099.

Posted on Aug 31, 2011, 11:10:19 AM PDT
CyndiG says:
Well until I receive a 1099, I ain't reporting it.

Posted on Feb 3, 2012, 8:30:05 AM PST
M Ludi says:
If you check the IRS instructions, pamphlet 17, skim for the keyword "Rewards". For 2011 you do have to report "Swagbucks" as earnings, since it is a reward given for "providing information". Chances are it won't bump you up a tax bracket :lol:
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Discussion in:  Kindle forum
Participants:  7
Total posts:  9
Initial post:  Aug 31, 2011
Latest post:  Feb 3, 2012

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