Reporting non-cash gifts to non-employees

January 30, 2022


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…

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