The threshold is $600 for a 1099. But a 1099 is not required in a QPQ receipt situation. Only when the benefit exceeds $600 and is given after the receipt is issued (but usually not in the same tax year if you get the original receipt back).
As an aside, regardless of the benefit am out the donor will likely need to be reminded to file an 8283 if the property is worth $500+. And if worth $5,000 the donor will need an appraisal and your signature to claim a deduction.
John
John H. Taylor
919.816.5903 (Cell/Text)
Big Ideas; Small Keyboard
Original Message:
Sent: 8/8/2024 2:52:00 PM
From: Amy Phillips
Subject: RE: Gift in Kind and Quid Pro Quo
John - Maybe a long shot, but if the value of the GiK is substantial and then if the value of benefits being exchanged for this GiK exceeds $900 (if that is still the threshold?) might a 1099 need to be issued?
Just wondering - Amy