Payments Pursuant to a Divorce Settlement:Alimony is not a gift, but rathertaxable incometo the recipient (payee) and a tax-deductible contribution to thepayer. Property transfers within a year of a marriage's termination and related to that termination are deemed pursuant to a divorce decree an...
Taxable benefits can be goods or services an employer pays for on the employee's behalf. An employer can give the benefit in the form of cash, near-cash, or in the form of non-cash.
Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Busines...
In most cases, scholarships, fellowships, orbursaries are not taxableand need not be reported as income on your tax return, if you received them while enrolled as a student in a program that entitles you to claim the “education amount” on your tax information, as defined by Canada Revenue...
doi:urn:uuid:2cf85b4b3a435310VgnVCM100000d7c1a8c0RCRDRewards that are given away as part of new banking account recruitment drives are considered income and can be taxed. If the value of those taxable rewards is more than $600, banks are required to send 1099 tax notices to both the ...
The birth of a child is not just a blessed event; it's the beginning of a whole new set of tax breaks for your family. Learn how the newest addition to your family can help trim your tax bill, and how to save for your child's future in the most tax-effic
Profits From the Sale of Wedding Gifts If you decide you don’t want a wedding gift and sell it later, you may need to report the proceeds as taxable income. For example, say your grandmother gives you an antique vase as a wedding gift. She originally bought the vase for $50, but yo...
An itemized deduction is an expense that can be subtracted from youradjusted gross income (AGI)to reduce your taxable income and lower the amount of taxes you owe. Taxpayers can itemize deductions likemortgage interest, charitable gifts, and unreimbursed medical expenses, or choose to take thestan...
Overview of tax implications for employee rewards in the US TL;DR: US: According to the IRS, all cash and cash-equivalent rewards are taxable. Non-cash awards might not be taxable if they are of nominal value and given infrequently. Canada: The CRA has similar rules. Most gifts and...
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