BANKING AFFAIRS

Detailed explanation-1: -Based on the U.S. government legal regulations concerning limitations on gift card purchasing, within a 24 hour period: The maximum amount that can be purchased by a single person across multiple gift cards is $10, 000. The maximum amount that can be purchased by a single person for a single brand is $2, 000.

Detailed explanation-2: -There is no limit on how frequently you may use your gift card to make purchases or the number of merchants. However, you may not make transactions that exceed the amount of funds available on your gift card.

Detailed explanation-3: -Since gift cards can be redeemed like cash, employees need to report gift cards as part of their taxable income. For employers, however, gift cards up to $25 are tax-deductible and must be reported on employee W-2s. Employers should report all gift cards above $25 on their taxes.

Detailed explanation-4: -Amazon.com Gift Cards are available in $15, $25, $50, and $100 denominations at participating grocery, drug, and convenience stores throughout the U.S. At select stores, you can also choose a variable denomination card, which can be loaded with any amount between $25 and $500.