This year’s Grammy Awards swag bags are actually suitcases stuffed with high-tech and luxury goods and vouchers --- which artists will have to pay tax on
It’s been a long-standing tradition for the nominated artists of awards shows like the Grammys to be treated to gifting suites with luxury goods and services. But the gift bag for the 65th Grammy Awards on Sunday night is so rich, that it’s literally a suitcase stuffed with more than $60,000 worth of swag.It’s been a long-standing tradition for the nominated artists of awards shows like the Grammys to be treated to gifting suites with luxury goods and services.
“If you go home because you lost to Beyoncé or Lizzo or whoever ends up winning, you still get some fabulous swag,” Fary told NBC. So the value of the gifts gets counted as income, the IRS says. “In general, the person has received taxable income equal to the fair market value of the bag and its contents and must report that amount on his or her federal income tax return,” reads the IRS page.
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