Lost and Found

[snargle]

I found a twenty-dollar bill on the volleyball court this weekend. If I end up keeping it, is the twenty dollars taxable? If I was “on the job” at the time I found it, does that make it subject to self-employment tax, too?

[dienerte]

Reduce your amount of taxable income by donating it to charity if you itemize deductions! Tom D.

[ruth]

It’s taxable even if you give it away. But if you, for example, turn it in to the people running the volleyball court for them to try to find the owner, it’s not taxable unless they return it to you.

It’s not subject to SE tax unless you’re in the trade or business of finding money.

[Author]

Posts