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
Life insurance that pays out on the death of an insured person is not taxable unless the policy was turned over to the recipient for a price, according IRS Publication 525. Any amount received in excess of the value of the insurance is interest and is taxable.Full Answer >
IRS Publication 1542 used to talk about the rates, but per diem rates can be found at the U.S. General Services Administration (GSA) website. Per diem rates are used for travel within the continental United States.Full Answer >
IRS Publication 463: Travel, Entertainment, Gift and Car Expenses provides information on which business expenses are tax-deductible. The form is necessary for determining deductible travel expenses when traveling from home for employment or business purposes. IRS Publication 463 is filed by individual employees who are not fully reimbursed by their employer for out-of-pocket business-related travel expenses.Full Answer >
Stipends used for educational study or research while pursuing a degree aren't taxable income, according to H&R Block. However, stipends used for living expenses by a nondegree student or received in exchange for delivery of services are typically taxable income.Full Answer >