How to I report gifts I received from banks and other companies?

Dan Jones: How to I report gifts I received from banks and other companies?
I received bonus gifts for opening checking accounts, gifts (GPS, DVD player) for trying out a membership club (Travelers advantage), and used multiple survey websites and received gift cards in exchange for points earned. Where do I report such things on my tax return? I have not received any 1099 forms for anything, but I doubt they will send them to be since the amounts are so small.

Answers and Views:

Answer by Michael Plaks
Actually, banks usually will report such gifts as interest ans send you a 1099. But whether or not they do, you’re supposed to report it as “other income” on line 21 of the 1040 form.

Michael Plaks, EA, Houston TX
www.MichaelPlaks.com