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These 4 Things Are Taxed, Even If You Don’t Think They Are
While most people are aware that wages and salaries are subject to taxes, several other sources of income may need to be clarified.
Understanding these sources of taxable income can help you avoid surprises come tax season and ensure that you are properly reporting your income to the IRS.
In this blog post, we'll discuss 4 things that are taxed, even if you don't think they are.
While giving gifts is usually a heartwarming gesture, if you're considering giving a significant gift to someone, be aware that it might be subject to taxes.
1. Certain Large Gifts
Gambling winnings, such as lottery prizes, casino jackpots, or sports betting earnings, are considered taxable income by tax authorities.
2. Gambling Winnings
If you finalized your divorce before 2019, alimony payments made to a former spouse are considered taxable income for the recipient and tax-deductible for the payer.
3. Alimony Payments
While many scholarships and grants are tax-free, they can sometimes become taxable. If the funds are used for expenses other than tuition, fees, and required books or supplies, they may be taxable.
4. Scholarships and Grants
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