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10 Surprising Things That Get Taxed By IRS

Taxes, taxes, taxes! Your salary is taxable, your investment income is taxable and the list can definitely go on. If you’ve managed to make some extra money by sheer luck, undisputable skills…

Gifts from Your Employer

Generally, if you receive gifts from someone, even expensive ones, you are not required to pay any taxes for them. However, if your employer gives you a new set of golf clubs as a thank you gesture for your hard work or to convince you to say no to a job offer from a rival company, you’re probably gonna have to pay some taxes.

In a court case that took place 50 years ago, the Supreme Court ruled that a gift from an employer can be left out from the employee’s income if it was offered out of “detached and disinterested generosity.” Gifts that are given to an employee for a job well done are not included in this category, according to the court’s ruling, nor gifts that help promote the company.

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