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Not only money received but also debts forgiven from credit cards, car loans, etc. Any and all debts forgiven or wiped away through bankruptcy courts are taxable as income.
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∙ 9y ago
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Would a surplus money action in a foreclosure be filed by the junior mortgage holder?
That is true
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
Is Term life insurance money taxable?
In the US, the money is not taxable if the beneficiary is an adult.
Is the annuIty received from an insurance co is taxable?
It grows tax deferred. If you take an income stream or annuitize the annuity, the money is taxed as ordinary income.
Is fire insurance money taxable?
no
Would a surplus money action in a foreclosure be filed by the junior mortgage holder?
That is true
Is money received as a beneficiary from an estate taxable?
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
Is money received from your boyfriend taxable income?
depends where you live
What is a sentence for taxable?
Example sentence - She was surprised to learn the money she received for spousal support is taxable income.
Is money received for work done for a family member taxable income or can it be treated as a gift?
Its income
Is money received as a beneficiary taxable in NY?
The government will take any money they can from you so I would say that they will tax it. You can thank Obama for that.
Do you have to pay taxes on money received from a civil lawsuit?
In general, money received from a civil lawsuit may be considered taxable income by the IRS. However, there are exceptions for certain types of damages, such as physical injury or sickness. It's best to consult with a tax professional to determine the tax implications of money received from a civil lawsuit.
If I received a 1099 a is that money all taxable income?
Depending on whether the "sale" gave you a deductable loss, or a taxable gain you might or might not be liable to income tax.
As an executor of an estate you received money do you pay taxes on it?
The fee paid to the executor is considered taxable income.
Do you need to file taxes if you did not work but received money from school?
IF the amount of the money that you received from the school is taxable income YES you should file a 1040 federal income tax return.
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
Is Term life insurance money taxable?
In the US, the money is not taxable if the beneficiary is an adult.
