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