Is "cash" taxable?

Question

I plan on selling in the future and just need to know if cash is taxable

IM ONLY 11 SO I'M NOT SURE!!!!

Answer 1

Just to add to Bostonian's answer, for payroll purposes.. CASH is ALWAYS taxable even in the form of gift certicates.

Answer 2

Cash is not taxable. If your cash is deposited in an intereste bearing account, e.g. savings account and it pays you interests, then the interests you earn is taxable. If your total income is low enough, you may not even have to pay any taxes.

Also if you are 11 years old, your parent or guardian may be claiming you as a dependent, and they probably have to pay your taxes for you anyways, so don't worry about it.

Did you know that Warren Buffet filed his first tax return when he was 13 years old? Mf Buffet has about $52,000,000,000 with some of it in cash.

Answer 3

Yes, whenever you 'earn' money through income, salary, wages or TIPS, you have to declare it and pay taxes on it. Each year your employer sends you what is called a w-2 (or in some cases a 1099) and it is up to you to file that w2 with your tax return. If you work in an industry where you earn cash or cash tips you are responsible for reporting the cash you earn. Of course it is up to you whether you report the true amount of cash you earn.

Answer 4

Income is taxable and it doesn't matter in what form you get it. If you sell a house for instance, you must pay capital gains on the difference between the buying and selling price. The same holds true of stocks, bonds, treasuries, etc. You will learn more about this as you further your education.

Answer 5

If it's just sitting on the table, no. But when you EARN cash, it may be taxable if the amount received exceeds the reporting amount.

Answer 6

Yep , as soon as you spend it ( sales tax at the cash register)

Answer 7

yes