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April 3, 2025
Question

Gift card prizes

  • April 3, 2025
  • 1 reply
  • 0 views

Do I need to report prizes I won on gift cards? I won about 340 dollars of gift cards in 2025.  Do I need to report it as income? I already spent the money? 


1 reply

JohnB5677
April 3, 2025

All income should be reported to the IRS. However, If you received the gift cards in 2025, they should be on the return you file next year.

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