Many people think that they know everything that they have to pay taxes on. However, today we are here to show you five surprising things that are taxable that you were more than likely unaware of.
- Buried Treasure – Let us say you find some gold coins or you purchase something from a thrift store that contains money inside of it. You are responsible for paying taxes on it.
- Some Scholarships – The next time you are applying for a scholarship make sure you consider how it will influence your taxes. When a scholarship covers room, board, and traveling expenses, you do have to pay taxes on a portion of the award.
- Stolen Property – If you decide to go rob a location and come out with money, you are responsible for paying taxes on the income. Obviously, criminals are not thinking about taxes yet if they are ever caught, they will have property seized, etc., to cover the amount that they owe in taxes.
- Gambling Winnings – If you go somewhere and win some money the IRS expects you to pay taxes on your winnings. For certain amounts you will have a Form W2-G given to you yet if you do not Uncle Sam still expects you to report your winnings.
- Fantasy Sport Winnings – If you are playing fantasy sports, even if it is among your friends, the IRS wants to know about it so they can tax you.
Are You Surprised?
Uncle Sam wants to know about all of your income. These are just five of the things that are taxable, can you imagine how many other things are taxable that you are not even considering?
Remember Huddleston Tax CPAs is a Seattle CPA firm! Get in touch with us at (425) 483-6600 for a tax consultation!