Taxes and Tax Preparation
Income Taxes

If you sell personal property on craigslist is that money taxable income?

123

Top Answer
User Avatar
Wiki User
2010-01-25 03:43:34
2010-01-25 03:43:34

Yes

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

Some of it can be...Not taxable:Compensation for lost propertyCompensation for expenses caused by the injury (such as medical bills)Taxable:Compensation for lost incomePunitive damage awards

User Avatar

Yes the amounts are property, etc received would be taxable income to the receiver of the gratuity.

User Avatar

There is no maximum income amount on a 1040 personal income tax return. The form will incorporate whatever amount of income a person has to report on their personal income.

User Avatar

Any personal property used to generate income.

User Avatar

Taxable income is the total amount of your income that is taxable. Certain types of income are exempt from taxes, but most income is taxable. To find out more information about taxable income, go to http://en.wikipedia.org/wiki/Taxable_income

User Avatar

ALL income is taxable.

User Avatar

In the Internal Revenue Code there is a tax imposed upon taxable income and that is defined as gross income or adjusted gross income which amounts to income earned in a taxable year by a taxpayer. A taxpayer is any person subject to any revenue laws. Is that clear? It isn't to me, and I remain astounded that so many people will claim that such circumlocution is clear to them. A tax imposed upon taxable income does not answer what the subject of the tax is. Is taxable income the same as income? If it is then why is taxable income defined as gross income or adjusted gross income but income itself never defined? Is income the subject of the Personal Income Tax Law? Who are the taxable persons? Those persons made liable for a tax are. How do we know who has been made liable to a tax by understanding that a tax was imposed upon taxable income?

User Avatar

No, since loans are not income (even if the obligation is cancelled, there is no taxable event as a result). Also, the interest in personal loans may NOT be written off of taxes (unlike that of first and some second mortgages).

User Avatar

Yes, Bonuses are income and income is taxable

User Avatar

Settlements received in a personal injury settlement are generally not considered income. It is usually thought of as a means of making someone whole for losses attributed to the injury and therefor isn't typically taxed. Emotional distress, when not associated with a physical injury is typically included as taxable income. Non-punitive damages received for personal injuries are excluded while, punitive damages are taxable income. http://www.pulversthompson.com/personal-injury-lawyer-blog/is-my-personal-injury-settlement-taxable/

User Avatar

Supplemental security income (SSI) is not taxable income.

User Avatar

Yes, any income no matter how you make it is taxable.

User Avatar

Persons taxable income is the taxable income of any individual like owners or anybody in normal life which includes salary income, income from any business in partnership etc.

User Avatar

Income property, goods or services that is subject to tax is called the taxable portion. This is usually based on a percentage of the value and other criteria.

User Avatar

Up to 85% of your social security income can be taxable if you or your spouse have other income that makes it so. You will complete an additional schedule to determine whether or not this income can be taxable or not.

User Avatar

Interest, dividends would be 2 types of income on some types investments. When business capital assets are you sold you have capital gains and losses that are possible. When a personal asset is sold possible taxable gain but no loss allowed on the sale of a personal asset. Rental income on rental property investment, etc.

User Avatar

U will see whether it is taxable or below taxable limit. As long it is beyond taxable limit, u will have to pay tax on taxable income on prescribed rates. If all the income is below taxable limit, no tax to be paid

User Avatar

For Federal income tax purposes, taxable income is the portion of a taxpayer's gross income on which his regular income tax liability (before payments and credits) for the year is based. Income from any given source is taxable, unless the Code specifically says it isn't taxable. Calculation: Taxable income starts with gross income, which according to the US Internal Revenue Code, is all income from whatever source derived. Gross income is then reduced by certain adjustments allowed by the IRS (e.g. for student loan interest, alimony paid, and 10 or so other specific items) to get adjusted gross income. Adjusted gross income is then reduced by exemptions (both personal and for any dependents) and itemized deductions (or the standard deduction) to arrive at taxable income.

User Avatar

You pay tax on taxable income and you don't on tax free income

User Avatar

Gross Income - Above the Line Deductions = Adjusted Gross Income - (Deductions +Exemptions)= Taxable Income

User Avatar

All of your gross taxable worldwide income is required to be reported on your 1040 federal income tax return in the year that youGo to the IRS gov website and use the search box for Publication 525 TAXABLE and NONTAXABLE INCOMEYou can receive income in the form of money, property, or services. This publication discusses many kinds of income and explains whether they are taxable or nontaxable. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. It also includes information on disability pensions, life insurance proceeds, and welfare and other public assistance benefits. Check the index for the location of a specific subject.Generally, an amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable.Constructively received income. You are generally taxed on income that is available to you, regardless of whether it is actually in your possession.

User Avatar

Yes the income from the trust is taxable income to the owner of the trust or to the beneficiaries of the trust. Some one will have to pay income taxes on the income from the trust.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.