IRS Tax Tip 2014-12: IRS Tips about Taxable and Nontaxable Income
Internal Revenue Service (IRS) sent this bulletin at 02/12/2014 07:30 AM EST
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Issue Number: IRS Tax Tip 2014-12Inside This IssueIRS Tips about Taxable and Nontaxable Income Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is taxable unless the law specifically excludes it. Taxable income includes money you receive, such as wages and tips. It can also include noncash income from property or services. For example, both parties in a barter exchange must include the fair market value of goods or services received as income on their tax return. Some types of income are not taxable except under certain conditions, including:
Here are some types of income that are usually not taxable:
For more on this topic see Publication 525, Taxable and Nontaxable Income. You can get it at IRS.gov or call to have it mailed at 800-TAX-FORM (800-829-3676).
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