pgw (User)
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Technical Question... 17 Years, 5 Months ago
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For accountants, tax lawyers, IRS agents...
If a person receives compensation, either wages, payment in kind (products of determined value), or contest winnings...is that compensation subject to income tax? 
Paul |
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"Outside a dog a book is man's best friend...and inside a dog, it is too dark to read!" G. Marx
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Phil (Admin)
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Re:Technical Question... 17 Years, 5 Months ago
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Only if the individual declares it!
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I am haunted by waters.
Norman MacLean
A River Runs Through It
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grevel (User)
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Re:Technical Question... 17 Years, 5 Months ago
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It depends on the amount. Did you receive a form to file for it? If someone else is filing as giving it to you than you should receive a form to declare it? Just from what learned in accounting class. For instance if you win a car you are to declare that as income. I pay income taxes on my scholarships.
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Re:Technical Question... 17 Years, 5 Months ago
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pgw wrote:
For accountants, tax lawyers, IRS agents...
If a person receives compensation, either wages, YES
payment in kind (products of determined value), YES
or contest winnings... YES
is that compensation subject to income tax?
Paul
"Only if you declare it" says Phil. Tell that to Al Capone.
Might be safe to not declare it and then talk about it if you have no enemies. The IRS awards substantial rewards to those who whistle blow on Tax Cheaters. Those who have ears, let them hear!!
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Tight Lines,
Ed K
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Matt (User)
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Re:Technical Question... 17 Years, 5 Months ago
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All of that is earned income and should be claimed.
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pgw (User)
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Re:Technical Question...Thanks Guys 17 Years, 5 Months ago
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It's good to know that if an individual receives wages, receives fishing equipment from a manufacturer, or wins cash in a fishing tournement as compensation it should be reported as income...and Ed, thanks for the warning about the IRS reward program, your're correct, you never know who may be listening.
Paul
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"Outside a dog a book is man's best friend...and inside a dog, it is too dark to read!" G. Marx
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well, yeah 17 Years, 5 Months ago
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I'm not an accountant, but that seems crystal clear to me.
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Neal
aka Silent Reader
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Re:Technical Question... 17 Years, 5 Months ago
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Absolutely, yes.
But, you can also claim as deductions any expenses that you occur while participating in said taxable income.
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Re:Technical Question... 17 Years, 5 Months ago
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But, you can also claim as deductions any expenses that you occur while participating in said taxable income.
But you had b etter have receipts for each and every deduction you claim.
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pgw (User)
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Re:Technical Question... 17 Years, 5 Months ago
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Charlie S wrote:
But, you can also claim as deductions any expenses that you occur while participating in said taxable income.
But you had b etter have receipts for each and every deduction you claim.
And, as I discovered in a series of IRS Audits, a business justification for each expense.
Paul
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"Outside a dog a book is man's best friend...and inside a dog, it is too dark to read!" G. Marx
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Paying taxes on scholarships... 17 Years, 5 Months ago
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Thats a bummer. 
I hated the idea of paying taxes on my spouse's graduate school scholarships, and I really hated having to itemize all her school expenses.
I work for the government, but nickel and diming the average citizen for education expenses is just assinine in my opinion.
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Neal
aka Silent Reader
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bones (User)
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Re:Technical Question... 17 Years, 5 Months ago
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And, as I discovered in a series of IRS Audits, a business justification for each expense.
Paul[/quote]
and that area is gray at best...
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Harry
Troutflies.com
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