My son's HS rowing team gave him a $500 gift for being the outstanding team member. (yes, we are very proud).
Is the gift taxable? They are a nonprofit.
- posted
11 years ago
Would this gift be taxable?
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- posted
11 years ago
member. (yes, we are very proud).
Yes, it is a taxable award.
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11 years ago
Line 21 Other Income or SE income? I think Line 21. SE income makes it subject to FICA taxes (15.3%), but allows you to deduct expenses as well, but this is an award.
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11 years ago
member. (yes, we are very proud).
Line 21 misc income. He's not in the trade or business of being an oarsman, so no Schedule C.
Phil Marti VITA/TCE Volunteer Clarksburg, MD