What would you like to do?

What is tax implications?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

What is tax implications?
When someone states that something has or may have tax implications, that simply means that it may affect the taxes you pay. It's generally used in reference to your federal income tax return filed with the IRS (& state tax return if your state has an income tax). If receiving a prize has tax implications, it would likely mean that you need to report the income on your federal tax return.
33 people found this useful
Thanks for the feedback!
Follow

In 2009 you earned a spot in the Martial Arts Masters Hall of Fame. What did this honor mean to you?

View Full Interview

What is the tax implications of a bare dominium?

Bare dominium may seem like a terrific idea. However, one ought to  be cautious and allow for all possibilities, such as the fact that  these arrangements are subject to the

What are the tax implications for Short sales?

In many cases, individuals opt to sell their home in a short sale proceeding because they can no longer afford to keep their homes. Banks consider short sales to be an alterna

What are the tax implication when converting a regular IRA to a Roth IRA?

Answer   Converting a traditional IRA to a Roth gives you that future tax-free benefit, but at an immediate tax cost. You'll have to pay taxes on contributions that you p

What are ethical implications?

It means the morality implied by something, like how the right to  privacy is implied by the Constitution.    Or the moral(s) that aren't specifically stated by someth

What is implication?

Implication comes from imply. When something is implied, it is not  said directly, but understood to follow from another stated  condition. If I said "I placed the boat in t

What are Tax implication of high sea sale?

In HIGH SEA SALE THERE WILL NO SALES TAX IS CHARGES SINCE THE SALE IS CARRIED OUTSIDE THE TERRITORIAL JURISDICTION OF INDIA THERE WILL NOT BE SALES TAX LEVIED IN INDIA.

What is 'moral implication'?

The positive or negative outcome or result of any decision regarding morality. However, morality is subjective.

What are the tax implications of a lawsuit settlement. I heard there are no taxes but I find that hard to believe?

  It depends on what the payments are for.   Damages received for personal physical injury or physical sickness are NOT taxable.   Punitive damages ARE taxable.  

How do you get a taxpayer ID for a condo association and what are the tax implications?

If your association is a legal entity, such as a non-profit corporation, you can apply for a tax ID, and use it to file income taxes. The tax implications are that you file

How are income tax implications different for a holder of an ETF and a Mutual Fund?

  ETFs are required to distribute all net investment income (dividends and interest) and realized short and long term gains. Mutual funds can do the same but at times may

What does implicate mean?

The word implicate may refer to saying something without being  direct or stating that someone was involved in a crime. For  example, if the evidence from a crime scene impl
What are the implications?

What are the implications?

The implications of capital punishment are encompass many segments  of society. Capital punishment when applied discriminately against  the poor or those of a limited demogr
In Health

What is the implications of pollution?

Pollution has several hazardous implications that can effect our  daily life. Pollution leads to acid rains that can kill trees and  harm animals and fishes. It also leads t