What is not a taxable income? The following is a list of things that are not taxable income. A. Expenses The amount of an expense you deduct for tax purposes is the amount that you actually spend on the item.
The following is a list of things that are not taxable income.A. ExpensesThe amount of an expense you deduct for tax purposes is the amount that you actually spend on the item. You cannot deduct expenses you do not actually pay.For example, if you pay $100 for a set of golf clubs, you can deduct $100. If you pay $100 for a set of golf clubs, and then you sell them for $200, you have a $100 gain. You cannot deduct the $100 that you paid for the golf clubs.If you are a nonresident, you can deduct expenses you pay for travel, meals, entertainment, and lodging, including the cost of a home or apartment that is your principal residence. The cost of a home or apartment that is not your principal residence is not deductible.For more information on deducting your expenses, see the instructions for line 17 of your tax return.B. GiftsIf you receive a gift that is not a cash gift, you can deduct the value of the gift if you itemize your deductions.The value of the gift is the fair market value of the property you received.You can also deduct any expenses you paid on the property you received.For more information on deducting gifts, see the instructions for line 14 of your tax return.C.
If you are a US citizen or resident, you have no income tax liability in the US. If you are a non US citizen or resident, you have no income tax liability in the US.
What is the difference between a tax return and a tax return preparer? A tax return is a form that you file with the IRS to report your income and deductions. A tax return preparer is a person who prepares your tax return for you.I have a foreign bank account. Can I use it to pay for my taxes? If you have a foreign bank account, you cannot use it to pay your taxes. You must report the income and expenses from that account on your tax return.I have a foreign bank account.
Taxable income is income from all sources, including wages, salaries, tips, commissions, dividends, interest, rents, royalties, pensions, annuities, alimony, and gifts. Non-taxable income is income from all sources, including dividends, interest, rents, royalties, pensions, annuities, alimony, and gifts.
What is the difference between a salary and a wage?A salary is the amount of money paid to an employee for work performed. A wage is the amount of money paid to an employee for work performed.