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What is considered nontaxable income?

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Question
What is considered nontaxable income?

Answer

Nontaxable Income
Examples include:

Child support.

Payments you received to help you pay your mortgage loan under the HFA Hardest Hit Fund or the Emergency Homeowners' Loan Program or similar state program.

Any Pay-for-Performance Success Payments that reduce the principal balance of your home mortgage under the Home Affordable Modification Pro-gram.

Life insurance proceeds received because of someone's death (other than from certain employer-owned life insur-ance contracts).

Gifts and bequests. However, if you received a gift or bequest from a foreign person of more than $16,076, you may have to report information about it on Form 3520, Part IV. See the Instructions for Form 3520.

 

 

 


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Article Details
Views: 1085 Created on: Jun 15, 2013
Date updated: Dec 10, 2018
Posted in: Income

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