From the IRS Misc. Income info page:
Quote:
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It is a common misconception that if a taxpayer does not receive a Form 1099-MISC or if the income is under $600 per payer, the income is not taxable. There is no minimum amount that a taxpayer may exclude from gross income.
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The government sites I checked were pretty clear that gift cards, and other non cash items, with a few exceptions, like some low-value length-of-service or retirement awards, all must be reported regardless of value.
There is a threshold (and it may be $600...not sure, seem to recall hearing it was less) below which the
payer is not required to send out a 1099, but for stuff below that threshold, the
payee is still supposed to report it.