I’ve been wanting to throw a candle party at my house. You know the kind, a bunch of ladies get together, eat food and get talked into purchasing over priced products so their friend can have free gifts and special prizes.
These parties come in many forms – the one that probably started them all is the Tupperware Parties of the 60′s. Now, there are many different types of products sold through the “party plan” concept, where one person is the consultant and the party is hosted at an individual’s house.
Well, a little none tax fact is, the hostess gifts that you receive when hosting one of these parties is taxable income and the fair market value of the products you receive must be reported.