NOT EVERYTHING IS TAXABLE


Article Posted on 07/11/2019


One thing that surprises the many taxpayers is that some income is not subject to tax. 

Here are a few examples:

  • Gifts and most inheritances
  • The gain on the sale of your house up to $250,000 of gain, and a married joint-filing couple can exclude up to $500,000 of gain. There are some limitations. Warning there are a few tests you must meet.
  • Life insurance proceeds
  • Cash rebates on personal items purchased
  • Frequent flier miles
  • Certain court awards and damages

These are a few items that are not taxable, unfortunately most items are subject to tax. 

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