I am a hobbyist musician and live in Virginia. In 2023, a local church asked me to lead their music on occassion. They paid me, usually around $200 each time. After leading several times, they gave me a guitar as a gift. Someone had donated the guitar to the church several years ago. The guitar was just sitting around for years, no longer in use. The guitar is worth $800-$900. How should I report this in TurboTax?
Gifts are not taxed as long as it was truly a gift and not compensation for work that you did.
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