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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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