Qualifying payments for foster care are generally not taxable, according to IRS Publication 525. To be excluded from income, foster care payments have to have been received from a state or local government or a qualified placement organization for care provided in the taxpayer's home.Know More
Foster care payments become taxable if there are more than five individuals aged 19 or older in the home.
Certain difficulty-of-care payments for foster individuals who are physically, mentally or emotionally handicapped may also be excluded from income. The state has to determine if the additional compensation is needed. These payments become taxable if the taxpayer is caring for more than 5 individuals aged 19 or older or more than 10 foster children.Learn more about Taxes
In general, the proceeds from a life insurance policy paid to a beneficiary are not taxable and are not included as gross income on tax returns. However, any interest received is taxable and must be reported.Full Answer >
Carer's Allowance is taxable, according to Carers UK. Based on information provided by the organization, carers will only be obligated to pay tax on the sum if they have additional sources of income that are taxable, such as an occupational pension or earnings.Full Answer >
Certain types of labor services are taxable in Florida including nonresidential cleaning, commercial pest control, and detective and security services. Certain communication services are also taxable for labor including telephone, cable, video conferencing and satellite services.Full Answer >
Pain and suffering settlements aren't taxable under federal or state law, states Nolo. Damages for pain and suffering are considered compensatory damages, which the IRS deems non-taxable. Compensatory damages are meant to compensate the victim for direct losses, such as lost wages, medical bills, loss of consortium and attorney's fees.Full Answer >