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admin 15.01.2015

ThinkstockIf you receive a scholarship to cover tuition, fees and books, you don't have to pay taxes on the money.
Likewise, students who receive financial aid in exchange for work, such as serving as a teaching or research assistant, must pay tax on that money, even if they use the proceeds to pay for tuition. ThinkstockIf you robbed a bank, embezzled money or staged an art heist last year, the IRS expects you to pay taxes on the proceeds. The good news: If you itemize, your gambling losses are deductible, but only to the extent of the winnings you report as income.
SEE ALSO: Smart Ways to Lower Your Taxable IncomeProceeds From Fantasy Sports View gallery. But if your scholarship also covers room and board, travel and other expenses, that portion of the award is taxable.


Gambling income includes (but isn't limited to) winnings from lotteries, horse races and casinos.
If you've picked up some extra cash through luck, skill or criminal activities, there's a good chance you owe taxes on that money as well. Even if you don't receive a W2-G, the IRS expects you to report gambling proceeds on line 21 (other income) of your 1040. Even if you won a private fantasy league among friends, your winnings are considered taxable. Other awards that recognize your accomplishments, such as the Pulitzer Prize for journalists, are also taxable. Found property that was lost or abandoned is taxable at its fair market value in the first year it's your undisputed possession, the IRS says.


The only way to avoid a tax hit is to direct the money to a tax-exempt charity before receiving it.
If you accept the money and then give it to charity, you probably will have to pay taxes on some of it because the IRS limits charitable deductions to 50% of your adjusted gross income.



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