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What income is not taxable?1 min read
Here are the most common sources.
- Child support payments
- Gifts, bequests and inheritances
- Welfare benefits
- Cash rebates from a dealer/manufacturer
- Money paid on your behalf to a medical facility or school
- Scholarships
- Interest on bonds
- Borrowed money from banks or personal loans
- Reimbursement for qualified adoption expenses
- Damage awards for physical sickness and/or injury
- Disability Insurance payments
- Employer provided Insurance
- Sale of your principal residence (up to 250K for individuals, 500K for married couples filing jointly)
Have questions? Need assistance to determine your taxable income? Please contact us, we are here to help.
By Simons Bitzer
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