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What else can I help you with?
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.
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.
Will Georgia tax your Federal rebate money?
No. Your federal tax is not deductible from your income in determining state taxable income, hence any refund of it isn't included as taxable income.
Is money recived from a third party to pay debt taxable?
Money received from a third party to pay off a debt is generally not considered taxable income for the debtor. This is because it is viewed as a payment made on behalf of the debtor rather than income earned. However, if the debt is forgiven or canceled, the amount forgiven may be taxable as income, depending on specific circumstances and tax laws. Always consult a tax professional for personalized advice.
Is money received from a pod account federally taxable?
Yes, money received from a pod (payable on death) account is generally considered taxable income if it exceeds the annual gift tax exclusion amount. However, the beneficiary does not typically owe income tax on the funds received from the account, as they are treated as a direct transfer of assets. It's important to consult a tax professional for specific situations, as tax implications can vary based on individual circumstances.
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
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.
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.
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.
Is money received as surplus from a foreclosure taxable?
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.
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 borrowed money taxable in US?
No the borrowed money would not be taxable income to you that you would report on your 1040 federal income tax return as income in the year that the amount is borrowed.
Is money received from property damage taxable?
Generally, money received as compensation for property damage is not taxable if it is meant to replace the lost or damaged property. However, if the compensation exceeds the property's adjusted basis, the excess may be taxable as a capital gain. Additionally, any compensation received for lost rental income or other income-related losses may be subject to taxation. It's advisable to consult a tax professional for specific situations.
Is money inherited from a parent's life insurance policy taxable income?
Death benefits are not taxable for income tax purposes.
What is The taxable portion on the loan?
None of of the borrowed money would be taxable income to you when you receive it.
Is borrowed money taxable?
Money that is borrowed is not taxable. If you borrow it and don't pay it back, it can be classified as income and be subject to income tax. If you borrow money and are not being charged interest, the government will consider the cost of interest to be income that is taxed.
