Hacker News article HackerNews.com — A gift basket on sale for $15 is really expensive.
The bundle includes a gift card for the online ride-hailing app Lyft, a holiday card for $10, and a gift basket with a gift for $3,000.
The $20 bundle includes the Lyft gift card, $2,500 in Lyft gift cards, and $1,000 in Lyft rides, according to a screenshot of the coupon.
Lyft was founded in 2014 by the entrepreneur Travis Kalanick and co-founder Emil Michael.
Kalanicky left Lyft in December after six months as CEO.
Uber acquired Uber in 2018 for $680 million.
The Lyft holiday gift basket is also a good deal compared to the average price of $10.99.
The typical annual gift basket for a single household is $15.96, according a 2017 study from the Consumer Reports.
That study also found that gift baskets with an average price under $10 are the cheapest, and the most common gift items for gift baskets.
According to the FTC, gift baskets may be exempt from the federal sales tax if they contain “reasonable advertising or promotional value.”
That means that, if a gift-giver knows that the items in their gift basket are worth less than $10 per item, they can claim a gift tax exemption.
But the FTC warns that this exemption is only available to gift baskets that are advertised and are sold in a manner that clearly informs gift recipients that the item is gift-worthy.
Accordingly, you may need to contact your local FTC office to find out if your gift-giving experience qualifies for an exemption.
The FTC has an extensive list of gift-exemption applications you can file to claim a tax exemption for a gift you’re able to purchase.