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Lottery and Gambling

Lottery, Sweepstakes, and Raffles

All winnings, including cash and the fair market value of noncash prizes such as cars, houses, and vacations, must be included in a taxpayer's income. If the winnings are paid...

Taxation of Social Security Benefits

The answer to the question of whether or not your Social Security benefits are taxable is "it depends." If your only income was your Social Security or equivalent railroad retirement benefits, your benefits are most likely not taxable, and you...

Taxation of the Donor of a Gift

A gift is the transfer of property, including money, or the transfer of the use of or income from property, without expecting to receive something of at least equal value in return. In addition, the Internal Revenue Service may conclude that you...

Renting Residential and Vacation Property

Generally, if you own a house or an apartment that you rent to others, you are entitled to deduct certain expenses such as repairs, maintenance, utilities, insurance, interest, taxes, and depreciation to reduce the amount of...

Excess Passive Income in an S Corporation

Generally, an S corporation pays no federal income taxes. Any income or loss is usually passed through to shareholders in proportion to the ownership interests on a per-share, per-day basis, and the shareholders report their portion of the...