Is All Income Taxable?



taxable-nontaxable-income

Gifts or inheritances received is typically not taxable.

Most income you earn throughout the year is taxable, however, some is not. Income that is not typically taxable, includes:

  • Child support payments
  • Gifts or inheritances received
  • Welfare benefits
  • Damage awards for physical injury or sickness
  • Cash rebates from a dealer of manufacturer for an item you purchased
  • Qualified reimbursed adoption expenses

Be sure to include all taxable income on your tax return, including the fair market value of any items you may have bartered throughout the year.

If you have questions regarding what is taxable income, contact H&S Companies.

Source
Taxable and Nontaxable Income