#AcademyAwards2019, Swag Bags, and the IRS

By Sam Brunson Every year, it seems like there’s something in the news about the Academy Awards swag bags (valued at $100,000 this year!) and taxes. And, since the Academy Awards are tonight, and since this is a tax blog, we might as well say something about the taxation of swag bags. And wouldn’t you know it: an article had a decently bad take on the taxation, giving me a hook for a tweetstorm, which I now reproduce here for your reading pleasure. Happy Academy Awards Day! I assume by now that everybody knows that #AcademyAwards2019 swag bags are taxable income to the recipients. But there are at least one thing in this article that needs to be corrected, and another than needs pushback. 1/ https://t.co/icqjcIlr9e — Sam Brunson (@smbrnsn) February 24, 2019 First, @lashfary is just plain wrong here. There is no tax difference between receiving “physical gifts,” gift certificates, and trips. Whatever the lucky swag bag recipients gets is gross…

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