Tax,
Entertainment & Sports
Apr. 1, 2022
The Oscars are over, but swag bags spotted on the red carpet must be reported to Uncle Sam
Companies pay promoters to place their gear in gift bags so stars will use them, hopefully on camera.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
If you watched the Oscars there was glamor, as usual. There was also the slap, which received more attention than any honored film or fancy gown. But there’s also a little known fact about the Oscars: distributed gifts equal taxable income via 1099 IRS Forms that signify a payment has been reported to the IRS.
While it’s true coveted Oscars statuettes to honorees are not taxable, so-called ‘gifts’ that celebrities receive count as income....
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