Advertisement
taxes

5 Surprising Things That Are Taxable

You won't believe what Uncle Sam wants a cut of at tax time.

If you’ve picked up some extra cash through luck, athletic skill or criminal activities, there’s a good chance you owe taxes on that.

1. Buried Treasure

Found property that was lost or abandoned is taxable at its fair market value in the first year it’s your undisputed possession.

2. Scholarships

If your scholarship also covers room and board, travel and other expenses, that portion of the award is taxable.

3. Stolen Property

If you robbed a bank, embezzled money or staged an art heist last year, the IRS expects you to pay taxes on the proceeds.

4. Proceeds From Fantasy Sports

Even if you won a private fantasy league among friends, your winnings are considered taxable.

5. Gifts From Your Employer

If your employer gives you a gift to recognize a job well done (or to persuade you to reject a job offer from a competitor), you’ll probably owe taxes.

Advertisement - Article continues below

Check out more items that are surprisingly taxable.

Advertisement

Most Popular

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)
tax deadline

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)

Between due dates for paying estimated taxes, IRA or HSA contributions, and other deadlines, there's more to do by July 15 than just filing your feder…
July 14, 2020
What Time is the Tax Deadline Today?
tax deadline

What Time is the Tax Deadline Today?

If you're waiting until the last possible minute to file your tax return, at least know how much time you have.
July 15, 2020
65 Best Dividend Stocks You Can Count On
stocks

65 Best Dividend Stocks You Can Count On

These 65 Dividend Aristocrats are an elite group of dividend stocks that have reliably increased their annual payouts every year for at least a quarte…
July 8, 2020

Recommended

Miss the Tax Deadline? What to Do If You Forgot to File Taxes
tax deadline

Miss the Tax Deadline? What to Do If You Forgot to File Taxes

If you owe Uncle Sam money, filing your tax return late (or never) can come with costly complications.
July 16, 2020
How Long Should You Keep Tax Records?
taxes

How Long Should You Keep Tax Records?

Save your tax documents at least until the time limit for an audit runs out—and hold on to some records even longer.
July 16, 2020
Tax Extension: How to Get More Time to File Your Tax Return
tax deadline

Tax Extension: How to Get More Time to File Your Tax Return

If you can't wrap up your tax return by today's deadline, it's easy to buy yourself more time.
July 15, 2020
Pros and Cons of Getting a Tax Extension
tax deadline

Pros and Cons of Getting a Tax Extension

You can easily extend your tax return due date from July 15 to October 15…but should you?
July 14, 2020