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Taxable swag: If you got free goodies, the IRS wants to know

from Reuters

Stuff We All Get, known to most as "swag", comes with no direct price tag to you. We all score a few promotional t-shirts or pens every now and then, and while you may think they're gifts - or, worse, utterly useless junk — they're not gifts for tax purposes since they weren't given to you out of sheer generosity. Instead, those so-called gifts are taxable income in the amount of their fair market value, and you need to report them to the IRS and pay the appropriate tax on it. more

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