These 4 Things Are Taxed, Even If You Don’t Think They Are Story

These 4 Things Are Taxed, Even If You Don’t Think They Are

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While most people are aware that wages and salaries are subject to taxes, several other sources of income may need to be clarified.

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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.

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In this blog post, we'll discuss 4 things that are taxed, even if you don't think they are.

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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.

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Gambling winnings, such as lottery prizes, casino jackpots, or sports betting earnings, are considered taxable income by tax authorities.

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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.

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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.

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12 TAX DEDUCTIONS YOU CAN CLAIM WITHOUT ITEMIZING

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