Reporting non-cash gifts to non-employees

January 30, 2022

Share

Q. Is there an IRS regulation that provides guidance on how to report non-cash gifts to non-employees? It is not uncommon for students to receive a non-cash gift as an award. Historically, we have reported the value of cash awards and fair market values of non cash gifts to an individual totaling $600 or greater on a 1099-MISC. Is there a standard de minimis application for non-cash gifts? A. (Answered by Sovos, a 3rd party software, services and education provider offering assistance in tax…

  Become A Member

Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!

Join Today


Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.

Subscribe to our Monthly Insider

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500