General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSubsidizing Sports Tickets?
Businesses can write off at least part of the money used to purchase sports tickets. Do you think this is a good idea?
Hoppy
(3,595 posts)My employer gave tickets and gift certifs worth $ thousands.
Did/should the recipients be taxed?
Travis_0004
(5,417 posts)If they were clients than they are not subject to tax because gifts are not taxed if they are under a certain amount 14 or 28 thousand. If somebody gives a large gift the person giving the gift has to pay the tax. It doesn't sound fair but the IRS assumes the donor is in a higher tax bracket and easier to collect taxes from.
If the gift cards were given to employees they are taxed as income. There are some exceptions such as a boss who infrequently gives you a gift card for a meal or transportation when working beyond a normal shift but if you tried to claim a De Minimis deduction on a several thousand dollar gift card the IRS would not be too happy.
RB TexLa
(17,003 posts)That's the two biggest items in that deduction.