Did you know these 7 things are taxable?

You need to be aware of that any money that is coming to you is taxable and it is surprisingly said by tax attorney Sam Brotman in San Diego. According to him everything you receive in form of money, IRS has right to tax it even the $10 you pick up from somewhere. He also mentioned that though these little money are taxable, people usually don’t declare them and hence tax Is not deducted from them. IRS would have to use more enforcement measures but that would cost the department more than the tax they would collect.

Here are the money items that you would be surprised to know are taxable

Employee Awards: There is some bad news for those of the best employees last year. The employee awards you receive for being a talented and extra ordinary employee are all taxable. Though gifts and achievement awards like gold, silver that are under $400, evade tax.

80620374_XS

Image Source

Lawsuit Money: Winning a case is not a hundred percent good news while you may have to lose some money as tax. So all the settlement money awarded to you by court fall in taxable finance though tax accountability on that money is quite hard.

Gavel-money

Image Source

Gambling Reward: Chicago’s tax attorney confirms the money won as lottery, gambling or betting is considered as income and so it is taxable. He also said that your gambling losses would be deducted against winnings.

pair-copper-dice-money-7851148

Image Source

Alimony: It might be relieving to get money from your ex-spouse, but again that is taxable. There is relaxation in property or child support payments.

alimony-spousal-support

Image Source

Renting a room: According to IRS, if you are renting a room for more than 15 days, you are making it taxable so be careful while you rent any room on Airbnb next time. Keep your trip short.

484581703small

Image Source

Found Money: Remember the $10 we discussed in the very beginning, that amount is taxable and its called treasure trove tax. Suppose you found an envelope of money, or any such thing in the car you brought you are taxed for that amount.

gty_found_money_dm_120216_wmain

Image Source

Settlements: Just like money you get in a lawsuit or legal settlement, anything like that received as a settlement payment by gym, bank etc. for charging you extra is also taxable.

Money-padlock1

Image Source

 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s