If I gift my product to social media influencers would I provide them a 1099-NEC for the cost or the FMV of the items gifted? If the 1099-NEC is to be at the FMV how would I record that?
If it is truly a gift, then you do not file a 1099. If the gift is over $15,000 then you file a gift tax return. And if you need someone else to send a gift to, I am available.
It would qualify as more of a bartering transaction. Free merchandise is being provided with the expectation that the influencer will market the product on their various social media platforms.
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