Tag: Taxable Income

  • Gambling

    Gambling Income and Expenses Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings on line 21. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. […]

  • Sole Proprietorship

    Sole Proprietorship means: a business or financial venture that is carried on by a single person and is not a trust or corporation. A sole proprietor (sole owner) has unlimited liability. Schedule C of Former Federal Tax Form (check here if the Form is current) 1040 is used to report the […]

  • Dwelling Unit

    Dwelling Unit Renting Residential and Vacation Property If you receive rental income from renting to others a dwelling unit, such as a house or an apartment, you may deduct certain expenses. These expenses, which may include interest, taxes, casualty losses, maintenance, utilities, insurance, and depreciation, will reduce the amount of rental income that is taxed.…

  • Rental Income

    Rental Income Generally, cash or the fair market value of property you receive for the use of real estate or personal property is taxable to you as rental income. You can generally deduct expenses of renting property from your rental income. Income and expenses related to real estate rentals are usually reported on Form 1040,…