12 Surprising Items IRS Says You Must Report On Your Taxes

  • by:
  • Source: Forbes
  • 04/09/2021
IRS wants to remind you that just about everything is taxed. Sure, your paychecks get totaled on your Form W-2 and winds up on your tax return. But income to the IRS means income from all sources. As you get organized for the annual drudgery of filing taxes, don’t forget about some of the odder ones.

If you sell unwanted cars, furniture, or even family heirlooms, any gain is taxable. If you sell something for $100 you bought for $50, that’s a $50 gain. If you can’t prove your basis, IRS will view the whole $100 as income. Maybe its capital gain, but it’s still income.

you are paid in cash to baby sit for your neighbor, take a friend to the airport, or water your uncle’s garden, it’s taxed. If you trade favors but don’t swap cash, IRS says each of you is taxed at the market value of the goods or services. Barters and trades are taxed.Even swapping tickets of even value can trigger tax. Selling for cash certainly does. The fact that scalping may be illegal is no excuse. Same for any other illegal activity. Income is income. Remember, they got Al Capone for tax evasion, not murder.

Gambling winnings are taxed too. If you hit the jackpot or win the lottery, it’s all taxed. Taxes are one of the main reasons some people choose to take annual payments when they have that choice. A lump-sum payout can generate a big tax bill.

Prizes and awards are taxed, even if you win a Nobel. They are taxed even if you don’t win cash. If you buy raffle tickets and win a car, the cash value of the car is taxed.
by is licensed under

Help FAIRtax Become The Number One Issue in 2024

Enacting the FAIRtax must be a prominent topic in these times. We did it before, we can do it again, but we need your help!

Help out with a One-Time Contribution

Your gift of $25, $50, $100 – even $1,000 or more if you can possibly spare it – will help FAIRtax.org bring an end to the IRS and promote a FAIRtax. So, I urge you, please give as generously as you can.

Billing information (REQUIRED)

Payment information (REQUIRED)

To donate by check:
Americans for Fair Taxation
PO Box 4929
Clearwater, FL 33758

If you need to make changes to your existing Monthly Re-Occurring Donation with new card or billing address information, then Please call Adam Yomtov our New York State Co-Director. He is assisting with the administration of our donations, technology services, and website.

Please note: Inputting your new information at our website won't update your donation. The only way to update is by calling Adam Yomtov 917-689-3931 mobile.

Americans for Fair Taxation® is a 501(c)(4) non-profit, non-partisan grassroots organization solely dedicated to replacing the current income tax system with a fair, simple and transparent national consumption tax – the FAIRtax® Plan. We rely entirely on contributions from concerned citizens like you who want a tax system that will generate jobs and stimulate the economy. Welcome to the FAIRtax team!