Does an individual have to pay tax on money received for the sale of jewelry?

Answer On One Hand: Is it a capital gain or loss?The sale of jewelry is considered disposition of a capital asset by the IRS. If the money received is more than the jewelry's original cost/value, the diff... Read More »

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Do you have to pay income tax on money received?

All money received must be reported as income and is subject to federal income tax, unless it's statutorily exempt. Gifts, inheritance, some awards from the courts and municipal bonds are examples ... Read More »

Do I have to pay tax on money received as a beneficiary to a CD?

According to the Go Banking Rate website, the estate of the purchaser of the certificate of deposit (CD) designated for a beneficiary typically pays the taxes due for the CD, but the beneficiary ma... Read More »

Is money received on a Roth IRA taxable?

Qualified withdrawals--those taken when you are at least 59 1/2 and the Roth IRA has been open for at least five tax years--from a Roth IRA are not taxable. Early withdrawals of contributions are a... Read More »

How much money can be received as a gift before taxes are due?

The IRS states that you can receive a gift of $13,000 per year from a single person or $26,000 from a married couple before taxes are due. However, gift taxes are usually paid by the gift giver, no... Read More »