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P.O. Box 1411 Bismarck, ND 58502-1411
November/December 2021
Surprise - It's Taxable!
It’s almost that time of year when you and the IRS have to settle up what you owe — or what the government owes you. Before you prepare your tax return, consider whether you’ll need to include any of the taxable items listed below.
- Social Security benefits
- Unemployment benefits
- Portion of a scholarship that covers expenses other than tuition, fees, and books (e.g., room and board, travel, etc.)
- Canceled debt from credit cards, car loans and mortgages (Student loan debt is exempt.)
- Honors with cash prizes
- Certain alimony payments
- Gambling winnings (from lotteries, horse racing, casinos, sports betting, etc.). Some losses are deductible if you itemize.
- Gifts from an employer that reward an employee for services or help promote the company
- Found property
- Bartered property or services in lieu of cash
Consult your tax advisor to determine which items you should include when preparing your income tax return.
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