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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.
What else can I help you with?
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 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.
When cashing a CD is the money taxable?
no
Is fire insurance money taxable?
no
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.
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 from your boyfriend taxable income?
depends where you live
If you sell personal property on craigslist is that money taxable income?
Yes
Is earnest money taxable?
Earnest money is not taxable if it is forfeited due to a breach of contract by the buyer. However, if the earnest money is applied towards the purchase price of the property, it is typically not taxable. It's always best to consult with a tax professional for specific advice based on your situation.
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 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?
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.
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.
