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8 Types of Taxable Income That Might Surprise You

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You'd think that figuring out the total amount of taxable income you've earned would simply be a matter of adding up all of your paychecks for the year, as well as investment income like interest and dividends.

But, of course, there's nothing simple when it comes to tax laws. That's why many other sources of taxable income often get overlooked.

Here are eight types of income that most Americans don't realize are taxable.



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Mortgage Refinance Tax Deductions

When refinancing a mortgage to get a lower interest rate or obtain more favorable loan terms, you're really just taking out a new loan and using the money to pay off your existing home loan. In general, the same tax deductions are available when you're refinancing a mortgage as when you're taking out a mortgage to buy a home.

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Rental Property Deductions You Can Take at Tax Time

Rental property often offers larger deductions and tax benefits than most investments. Many of these are overlooked by landlords at tax time. This can make a difference in making a profit or losing money on your real estate venture. If you own a rental property, the IRS allows you to deduct expenses you pay for the upkeep and maintenance of the property, conserving and managing the property, and other expenses deemed necessary and associated with property rental.

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Podriznilk

Seems to me that if the Government wants to tax every bit of money and property you receive they should also tax items like Food Stamps, Wefare payments, and all of the other forms of Government payouts!

April 14 2013 at 4:57 PM Report abuse +1 rate up rate down Reply
elginrancher

Good God !!! We wouldn't want the FED A group of off shore and domestic Banks to miss out of some money the American People have, They are a bunch of criminals robbing America of its wealth !

April 14 2013 at 1:48 PM Report abuse rate up rate down Reply
charlie

before long Obama will be taxing a small child's paper route.

April 14 2013 at 1:18 PM Report abuse rate up rate down Reply
Jack Adler

If your gambling losses exceed your winnings, do you still have to file?

April 14 2013 at 12:50 PM Report abuse rate up rate down Reply
1 reply to Jack Adler's comment
Stephen

Yes, especially if you receive a 1099-MISC form. Your winnings are shown on line 21 of the 1040 under Other income and your losses go on schedule A, under miscellaneous deductions, but cannot exceed your winnings reported.

April 14 2013 at 2:46 PM Report abuse rate up rate down Reply
lthrnck68

The gambling winnings is not a surprize. That is why some slots limit jackpots. If the winnings go $1,200 or more, it's gotta be reported. $1,199 or less does not.

April 14 2013 at 12:11 PM Report abuse rate up rate down Reply
1 reply to lthrnck68's comment
Stephen

That\'s not exactly true..$1,200 or more and you will receive form 1099-MISC, but ALL income should be reported, regardless of whether you receive a 1099 or not. As a former revenue agent, the first thing they\'re going to look at is your bank statements; well, after they ask you in the interview if you received any other income. It\'s best to play it smart and show it all. Like Benjamin Franklin once said \"pay every dollar of tax you owe, but not a penny more\".

April 14 2013 at 2:50 PM Report abuse rate up rate down Reply
edgarlongenecker

Oops... An... agency, ...

April 14 2013 at 1:07 AM Report abuse rate up rate down Reply
edgarlongenecker

"A agency of the government, is not the government, nor, a department, thereof," so, who are all these, would be govern mental, Alphabet Gangsters; FBI, CIA, BATFE[ces] [Hello, Bubbles]... IRS, ad nauseum...if not, lizards at law... ???

April 14 2013 at 1:06 AM Report abuse +1 rate up rate down Reply
clyogi

I was able to take a capital loss when I sold my AOL stock.

April 13 2013 at 7:55 PM Report abuse +1 rate up rate down Reply
snowpiano

For Jury Duty we got NOTHING but a form saying we WOULD NOT be paid a penny until the 3RD WEEK of service began. Needless to say it did not last that long! I LOST quite a bit of money for my service :-(

April 13 2013 at 6:48 PM Report abuse +2 rate up rate down Reply
Handsome John

The IRS taxes income. That's what they do. People may not like taxes but of course the IRS must tax income. Is this really so difficult for people to understand? I hear the same complaints about gambling winnings. When someone hits a jackpot at a casino they are aghast that they have to pay taxes on it. The IRS taxes your income. They don't care where it comes from...they tax all income. Again...what is so hard to understand here?

April 13 2013 at 2:57 PM Report abuse -2 rate up rate down Reply
1 reply to Handsome John's comment
Welcome Pookie

Handsome.. I served on a Jury.. I think we were paid $5.00 a day!! It cost me more to park, than what I was "reimbursed!!"

April 13 2013 at 3:20 PM Report abuse +3 rate up rate down Reply
1 reply to Welcome Pookie's comment
Stephen

Uh..where I served we got $6 per day and a ride from where we parked(free) to the courthouse by bus, which was also free. Those jurors who either didn\'t bother to read or just decided to ignore the instructions, parked near the courthouse and paid the meters or garages alot, with no reimbursement. If you think, there\'s no way you\'ll lose money..just your precious time.

April 14 2013 at 2:56 PM Report abuse rate up rate down