Surprising Taxable Items
By celticeagle
@celticeagle (189833)
Boise, Idaho
February 14, 2022 2:04pm CST
We all know that wages and such types of income (as capital gains) can be taxed. There are some things that also come under that heading(taxable) that may surprise you. Such as:
* Long lost treasure can be taxed at its fair market value.
* Be sure to check your state's unemployment laws. Since unemployment benefits are a form of income......yes, they can be taxed.
* A gift from a boss that exceeds $25 can be taxed.
* If a scholarship is used for other than academic activities. So insurance, transportation, or even rent should be paid with scholarship funds.
* If you win more than $5,000 in a poker tournament, $1200 from slot machines or bingo, and $1500 from keno you will have to fill out a W2-G form and be taxed. But, your gambling losses are deductible if you itemize on a Schedule A and it is from winnings you reported as income. In Italy, Canada, the UK, Germany, and Australia you are not taxed for your gambling winnings.
* Bartering. The services and goods that you trade are fully taxable.
* Donating your eggs to help unfortunate women who can't conceive is taxable. Donors will receive a 1099 form when they donate.
6 people like this
5 responses
@xFiacre (14785)
• Ireland
14 Feb 22
@celticeagle I took me a while to figure out what kind of eggs were being donated but I got there in the end.
3 people like this
@celticeagle (189833)
• Boise, Idaho
15 Feb 22
I thought "to help women who can't conceive" was enough.
1 person likes this
@xFiacre (14785)
• Ireland
15 Feb 22
@celticeagle I was drawing conclusions before finishing the sentence!
1 person likes this
@LindaOHio (222417)
• United States
15 Feb 22
I always thought anything over $600 you received a 1099.
2 people like this
@celticeagle (189833)
• Boise, Idaho
15 Feb 22
Guess it is different for different games.
1 person likes this
@LeaPea2417 (40029)
• Toccoa, Georgia
14 Feb 22
My son won 600 dollars after betting money at a horse race track in 2017. The minute he won it and claimed it, he had to get a tax form and include the winnings on that years income.
1 person likes this
@celticeagle (189833)
• Boise, Idaho
15 Feb 22
Glad I never won that much at the track. If you just stay under you are set. Yeah, I bet they jump ya right away. Don't want you to get away with the big winnings without giving the gov his share.
1 person likes this
@celticeagle (189833)
• Boise, Idaho
15 Feb 22
Here they seem to be if over $25. Wonder how they can prove it.
1 person likes this
@celticeagle (189833)
• Boise, Idaho
16 Feb 22
@LadyDuck ........Get the FBI on it. Haha
1 person likes this
@LadyDuck (502487)
• Italy
16 Feb 22
@celticeagle If they do not know that you received a gift I wounder how can they find out.
1 person likes this
@wolfgirl569 (135763)
• Marion, Ohio
15 Feb 22
I am not turning in when I trade things. That is stupid as most people try to keep things fair.
1 person likes this
