Resources for Accountants

What is subject to income tax [Video]

Post author By Curator
Post date October 3, 2021

What is subject to income tax

Unless the tax code provides an exclusion, you’re subject to income tax when you:

• Earn money from a job
• Earn money from self-employment
• Receive cash for doing odd jobs
• Receive dividends from a corporation
• Receive damages for emotional distress
• Find money lying on the ground
• Get paid for jury duty
• Sell property for more than you paid for it
• Give someone a gift of more than fifteen thousand dollars
• Rent your home to someone for more than 14 days
• Receive interest
• Receive unemployment benefits
• Receive something through bartering
• Have your debt forgiven
• Win a prize
• Win money gambling
• Make money from a hobby
• Earn money from an illegal business
• Embezzle money from your employer

And don’t forget, if someone else pays your taxes for you, that’s taxable income as well.

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