Q: Do I need to report cash income?
A: Yes, all income must be reported.
Q: Do I pay taxes on unemployment benefits?
A: Yes, they are taxable.
Q: Are Social Security benefits taxable?
A: Yes, if your combined income is above certain limits.
Q: Do I need to report cryptocurrency transactions?
A: Yes, the IRS requires all crypto sales, trades, or exchanges to be reported.
Q: Are gifts taxable?
A: The recipient doesn’t pay tax, but the giver may need to file a gift tax return if over $18,000 (2024).
Q: Do I need to report interest income from my bank?
A: Yes, even if small.
Q: Is rental income taxable?
A: Yes, but you can deduct related expenses.
Q: Do I need to report income from side gigs?
A: Yes, all self-employment income must be reported.
Q: Do scholarships count as income?
A: Only if used for non-qualified expenses like room and board.
Q: Are life insurance proceeds taxable?
A: Generally no, unless paid out as interest.
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