Inherited money from a trust may or may not be subject to income tax, depending on the source of the funds. Property or money held by the decedent at the time of death is an inheritance and would not be subject to income tax, according to IRS Publication 559.
Gifts given to a non-citizen spouse, or non-spouse, that exceed the annual Internal Revenue Service tax exclusion amount are taxable as of 2015. Monetary gifts subject to taxation include cash, jewelry, cars and real estate. Information about gift taxes can be found in IRS publication 950.
Gifts are subject to a gift tax, but there are exclusions that allow most gifts to be given free of any tax or filing requirement. The annual federal exclusion for gifts to individuals is $14,000, as of 2013 through 2015.
Taxable income is any money that an individual or company receives from providing goods or services, states the US Tax Center. The IRS considers gross income minus any standard or itemized deductions as taxable income, as of 2015.
If a taxpayer receives an advance or allowance for a car from an employer, the tax consequences depend on whether the employer uses an accountable or non-accountable reimbursement plan. Accountable plans are not taxable, while non-accountable reimbursement plans are taxable.
A taxable benefit is any money or service received which has not been specifically exempted from income tax. This is basically the same for both U.S. and Canadian taxes, though the exempted items may be different.
An inheritance tax is a tax paid by heirs or beneficiaries of an inheritance, according to Investopedia. An inheritance tax rate depends on the value of the asset received or the relationship to the descendant.
Child support is not taxable for the child or the parent receiving it, according to IRS.gov. It is also not deductible for the parent required to pay it.
According to the Internal Revenue Service, or IRS, life insurance proceeds paid out due to the death of the insured person are not taxable unless the policy has been turned over for a price. Interest income resulting from life insurance proceeds may be taxable.
The inheritance or estate tax is a tax on the right to transfer property at the owner's death. The estate's executor or administrator takes an accounting of everything the decedent owned on the date of death, using fair market value. This is the "gross estate" and if, for 2014, it plus any prior tax