Are Gift Cards Taxable
February 2nd, 2010
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Question: Are gift cards taxable at the time of purchase or at the time it's spent?
I just bought 4 gift cards at 100 @ but my friends told me that the cards are not taxable until they are used. The store that I bought them from said that they won't drop the tax or give me a refund. I sure could use the $23+ if my friends are right.
Answer: Gift Cards are not a taxable event. The taxable event occurs when an item is purchased.
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