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.
Would this gift be taxable?
Mar 26, 2013
3 Replies
member. (yes, we are very proud).
Yes, it is a taxable award.
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.
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
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