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.
That is true
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.
The money is gone after foreclosure.
In the US, the money is not taxable if the beneficiary is an adult.
It grows tax deferred. If you take an income stream or annuitize the annuity, the money is taxed as ordinary income.
That is true
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.
depends where you live
Example sentence - She was surprised to learn the money she received for spousal support is taxable income.
Its income
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.
Generally yes...but it is entirely situational. Looked at broadly, if the money received is to evenly replace something of value you lost...say paying you for the broken window..then it ISN'T taxable, (as long as you didn't take a casualty deduction for the loss when it was incurred.....in which case it's taxable at least to the amount of the loss you reported, but now got compensated for). If they payment is to enforce a contract or such, where had the money been paid under the contract it would have been taxable, it is still taxable. The fact you had to sue to get it doesn't change that. If it is as a penalty or for damages of which you had no tax basis, then it is taxable.
Depending on whether the "sale" gave you a deductable loss, or a taxable gain you might or might not be liable to income tax.
The fee paid to the executor is considered taxable income.
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.
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.
The money is gone after foreclosure.