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As a tax payer you probably know that you must include income from all sources on your tax return. Income is derived from either of two sources: you work for someone who pays you or you operate your own business. Income includes things like salary, wages, overtime pay, tips, interest, net earnings from self-employment.
But did you know that you are required to report other types of miscellaneous income you receive on your tax return?
Other types of income received include the value of services of goods exchanged in a barter arrangement, awards, prizes or other contest winnings including gambling winnings.
As it relates to barter, tax is levied on the fare market value of the goods or services exchanged and both parties are required to report such barter exchange on their individual tax return.
The cash value of awards and prizes is also usually taxable and should therefore be include on the tax return of the tax payer.
Regardless of the amount of gambling winnings, the tax payer is required to report the winning on their tax return. Among other things, gambling income includes winnings from lotteries, raffles, horse racing, poker tournaments and even casino winnings.
User | 20/12/2017