Taxes are inevitable and there are certain items which are taxed that would take you by surprise. Here are the 11 unbelievable items that are taxable in the country.
You might have spent months toiling for that coveted scholarship. Yes, even that goes through a tax deduction process. Any expenses covered by it other than tuition fees and books, such as lodging, travel grants, and teacher assistantship, are subject to tax deductions.
Thrilled by the win at the casino last night? We’re sure you didn’t know that a portion of that lottery is taxable. Next time when you take the money back home, check if you’re actually taking back the amount you thought you won.
All cryptocurrencies are considered assets by the Government and taxes are levied just like they are on the purchase of any other creditable belonging you own, such as a house or gold.
The Nobel Prize
Yes, you read that right. A prize as prestigious as the Nobel or the Pulitzer is subject to a hefty tax unless transferred directly to a tax-exempt charity. President Barack Obama was himself put in this situation and so will you be, if you win the Nobel prize.
A sort of paradox, but surprisingly, any sort of monetary advantage gained through activities such as theft or drug-dealing is subject to a tax.
Though a considerably debatable topic, sportspersons who win at the prestigious Olympics are charged with tax even though they spend years training and practicing at their own cost. That’s how it works, and nothing much can be done to change such Government policies.
Gifts from your boss
Delighted at the presents you received from your Boss for your good work? Don’t be so glad. All gifts which given by an employer for appraisal of an employee’s commendable work in the company’s interests are subject to taxes.
A lot of healthy women donate their eggs to infertile couples. In return, they are paid a good sum to compensate for the problems they may have encountered during the tedious process. These amounts are liable for taxes.
As unbelievable as it sounds, if you discover a pot of gold buried deep inside the earth in a faraway island, the Government shall consider it as a taxable income.
Did you just decide that you would give your old flat up for rent? Well, consider it again. Any money earned by renting your place for a period extending 15 days is subject to tax.
As bizarre as it sounds, sitting idle at home actually costs you some cash depending on where you live. Many states in the country do exempt you from such taxes, while others tax you every time you are unemployed.