Taxes on gift cards..................?

Tax law says that because gift certificates and gift cards are cash equivalents, or easily convertible to cash, they do not meet the requirements to be excluded from income. Furthermore, since the value of the gift card or gift certificate is easily determinable, they must .

As a result of the shortcoming in Revenue Procedure , the Service issued Revenue Procedure to clarify the treatment for certain advance payments. A gift card is the same as money. I've been wrong before. They charge not only a tax on the card, but a fee.

Jun 03,  · Taxes on a gift card would make no sense, so probably states are looking into it right now. As far as I know, no state has actually passed a
Visit the URL or call the number on your Visa Prepaid card to get the routing and account numbers. Then add them to the refund section of your tax form.
The Visa Gift Card can be used everywhere Visa debit cards are accepted in the US. No cash or ATM access. The Visa Gift Virtual Account can be redeemed at every internet, mail order, and telephone merchant everywhere Visa debit cards are accepted in the US. No cash or ATM access.
A final tip to getting the best deal: Gift cards aren't subject to taxes in any state in the country, but it does occasionally happen that customers are charged tax nonetheless.
Tax law says that because gift certificates and gift cards are cash equivalents, or easily convertible to cash, they do not meet the requirements to be excluded from income. Furthermore, since the value of the gift card or gift certificate is easily determinable, they must .

Gift cards are a versatile gift for the recipient — and a convenient and easy purchase for the giver. They can even make a smart purchase for yourself, as with iTunes gift cards, which are almost always on sale.. Part of that convenience of gift cards is that they are tax free when purchased.

Otherwise, Pure GCE gets my vote. Good product except the product isn't the best. I've tried a few different brands and this isn't the worst but it's not the best. Personally I would recommend another brand.

May 18,  · Nope, no tax on gift cards. As others have said most banks charge a fee on prepaid Visa/Mastercards. There is a tax on phone cards. As to the expiration date there's a new federal law which states any gift card issued after April 16th, and beyond must be valid for a . We take VISA, MasterCard, American Express, and Discover cards with a U.S. billing address. Visa Gift Cards fall into this category. We are unable to accept check, money order, or cash payments. Don't have a card? You can also deduct your fees from your federal tax refund via Refund Processing when you're ready to file. The fee for this optional service is also deducted from your refund. Tax law says that because gift certificates and gift cards are cash equivalents, or easily convertible to cash, they do not meet the requirements to be excluded from income. Furthermore, since the value of the gift card or gift certificate is easily determinable, they must .