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Tax Planning

5 Surprising Things That Are Taxable

You won't believe what Uncle Sam wants a cut of at tax time.

If you’ve picked up some extra cash through luck, athletic skill or criminal activities, there’s a good chance you owe taxes on that.

See Also: 23 Most Overlooked Tax Deductions

1. Buried Treasure

Found property that was lost or abandoned is taxable at its fair market value in the first year it’s your undisputed possession.

2. Scholarships

If your scholarship also covers room and board, travel and other expenses, that portion of the award is taxable.

3. Stolen Property

If you robbed a bank, embezzled money or staged an art heist last year, the IRS expects you to pay taxes on the proceeds.

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4. Proceeds From Fantasy Sports

Even if you won a private fantasy league among friends, your winnings are considered taxable.

5. Gifts From Your Employer

If your employer gives you a gift to recognize a job well done (or to persuade you to reject a job offer from a competitor), you’ll probably owe taxes.

Check out more items that are surprisingly taxable.

See Also: 17 Reasons the IRS Will Audit Your Tax Return