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Senior tax stimulus check 7. Senior tax stimulus check   Ship Passenger Tax Table of Contents A tax of $3 per passenger is imposed on certain ship voyages, as explained later under Taxable situations. Senior tax stimulus check The tax is imposed only once for each passenger, either at the time of first embarkation or disembarkation in the United States. Senior tax stimulus check The person providing the voyage (the operator of the vessel) is liable for the tax. Senior tax stimulus check Voyage. Senior tax stimulus check   A voyage is the vessel's journey that includes the outward and homeward trips or passages. Senior tax stimulus check The voyage starts when the vessel begins to load passengers and continues until the vessel has completed at least one outward and one homeward passage. Senior tax stimulus check The tax may be imposed even if a passenger does not make both an outward and a homeward passage as long as the voyage begins or ends in the United States. Senior tax stimulus check Passenger. Senior tax stimulus check   A passenger is an individual carried on the vessel other than the Master or a crew member or other individual engaged in the business of the vessel or its owners. Senior tax stimulus check Example 1. Senior tax stimulus check John Smith works as a guest lecturer. Senior tax stimulus check The cruise line hired him for the benefit of the passengers. Senior tax stimulus check Therefore, he is engaged in the business of the vessel and is not a passenger. Senior tax stimulus check Example 2. Senior tax stimulus check Marian Green is a travel agent. Senior tax stimulus check She is taking the cruise as a promotional trip to determine if she wants to offer it to her clients. Senior tax stimulus check She is a passenger. Senior tax stimulus check Taxable situations. Senior tax stimulus check   There are two taxable situations. Senior tax stimulus check The first situation involves voyages on commercial passenger vessels extending over one or more nights. Senior tax stimulus check A voyage extends over one or more nights if it extends for more than 24 hours. Senior tax stimulus check A passenger vessel is any vessel with stateroom or berth accommodations for more than 16 passengers. Senior tax stimulus check   The second situation involves voyages on a commercial vessel transporting passengers engaged in gambling on the vessel beyond the territorial waters of the United States. Senior tax stimulus check Territorial waters of the United States are those waters within the international boundary line between the United States and any contiguous foreign country or within 3 nautical miles (3. Senior tax stimulus check 45 statute miles) from low tide on the coastline. Senior tax stimulus check If passengers participate as players in any policy game or other lottery, or any other game of chance for money or other thing of value that the owner or operator of the vessel (or their employee, agent, or franchisee) conducts, sponsors, or operates, the voyage is subject to the ship passenger tax. Senior tax stimulus check The tax applies regardless of the duration of the voyage. Senior tax stimulus check A casual, friendly game of chance with other passengers that is not conducted, sponsored, or operated by the owner or operator is not gambling for determining if the voyage is subject to the ship passenger tax. Senior tax stimulus check Exemptions. Senior tax stimulus check   The tax does not apply when a vessel is on a voyage of less than 12 hours between 2 points in the United States or if a vessel is owned or operated by a state or local government. Senior tax stimulus check Prev  Up  Next   Home   More Online Publications
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IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply

IR-2014-36, March. 25, 2014

WASHINGTON — The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency.

In some environments, virtual currency operates like “real” currency -- i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance -- but it does not have legal tender status in any jurisdiction.

The notice provides that virtual currency is treated as property for U.S. federal tax purposes.  General tax principles that apply to property transactions apply to transactions using virtual currency.  Among other things, this means that:

  • Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes.
  • Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply.  Normally, payers must issue Form 1099.
  • The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.
  • A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property. 

Further details, including a set of 16 questions and answers, are in Notice 2014-21, posted today on IRS.gov.

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Page Last Reviewed or Updated: 25-Mar-2014

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Senior tax stimulus check Index A Adopted child, Adopted child. Senior tax stimulus check Adoption taxpayer identification number (ATIN), Married child. Senior tax stimulus check Age test (see Qualifying child) Alaska Permanent Fund dividends, Rule 6—Your Investment Income Must Be $3,300 or Less Alimony, Income That Is Not Earned Income Annuities, Income That Is Not Earned Income Armed forces, Nontaxable military pay. Senior tax stimulus check , Military personnel stationed outside the United States. Senior tax stimulus check , Temporary absences. Senior tax stimulus check , Joint Return Test, Military personnel stationed outside the United States. Senior tax stimulus check , Nontaxable combat pay. Senior tax stimulus check Assistance (see Tax help) B Basic Allowance for Housing (BAH), Nontaxable military pay. Senior tax stimulus check Basic Allowance for Subsistence (BAS), Nontaxable military pay. Senior tax stimulus check C Child Adopted child, Adopted child. Senior tax stimulus check Birth or death of, Birth or death of child. Senior tax stimulus check Foster child, Relationship Test, Foster child. Senior tax stimulus check , Rule 10—You Cannot Be a Qualifying Child of Another Taxpayer, Kidnapped child, Kidnapped child. Senior tax stimulus check Married child, Married child. Senior tax stimulus check Child support, Income That Is Not Earned Income Clergy, Clergy. Senior tax stimulus check Combat zone pay, Nontaxable combat pay. Senior tax stimulus check Community property, Community property. Senior tax stimulus check , Community property. Senior tax stimulus check D Detailed examples, Chapter 6—Detailed Examples Disability benefits, Disability Benefits Disallowance of the EIC, Chapter 5—Disallowance of the EIC Dividend income, Income That Is Not Earned Income Divorced parents, special rule, Special rule for divorced or separated parents (or parents who live apart). 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Senior tax stimulus check , Homeless shelter. Senior tax stimulus check I Income that is not earned income, Income That Is Not Earned Income Individual taxpayer identification number (ITIN), Other taxpayer identification number. Senior tax stimulus check , Married child. Senior tax stimulus check Inmate, Earnings while an inmate. Senior tax stimulus check , Figuring earned income. Senior tax stimulus check Interest, Income That Is Not Earned Income Investment income, Rule 6—Your Investment Income Must Be $3,300 or Less IRS can figure EIC for you, IRS Will Figure the EIC for You J Joint return test (see Qualifying child) K Kidnapped child, Kidnapped child. Senior tax stimulus check M Married child, Married child. Senior tax stimulus check Married filing a joint return, Rule 4—You Must Be a U. Senior tax stimulus check S. Senior tax stimulus check Citizen or Resident Alien All Year Married filing separately, Spouse did not live with you. 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Senior tax stimulus check Passive activity, Worksheet 1. Senior tax stimulus check Investment Income If You Are Filing Form 1040 Pensions, Income That Is Not Earned Income Permanently and totally disabled, Permanently and totally disabled. Senior tax stimulus check Prisoner, Figuring earned income. Senior tax stimulus check Publications (see Tax help) Q Qualifying child, Can I Claim the EIC?, Do I Have To Have A Child To Qualify For The EIC?, Chapter 2—Rules If You Have a Qualifying Child Age test, Rule 8—Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests, Age Test Home, Residency Test Joint return test, Rule 8—Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests Permanently and totally disabled, Permanently and totally disabled. Senior tax stimulus check Relationship test, Rule 8—Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests Residency test, Residency Test United States, Residency Test R Railroad retirement benefits, Income That Is Not Earned Income Registered domestic partner, Nevada, Washington, and California domestic partners. Senior tax stimulus check Relationship test (see Qualifying child) Reminders, Reminders Residency test (see Qualifying child) S Salaries, wages, and tips, Earned Income, Wages, salaries, and tips. Senior tax stimulus check , Earned Income Schedules: C, EIC Worksheet A. Senior tax stimulus check , EIC Worksheet B. Senior tax stimulus check C-EZ, EIC Worksheet A. Senior tax stimulus check , EIC Worksheet B. Senior tax stimulus check EIC, Chapter 2—Rules If You Have a Qualifying Child, Kidnapped child. Senior tax stimulus check , Figuring earned income. Senior tax stimulus check , Nontaxable combat pay. Senior tax stimulus check , How To Figure the EIC Yourself, When to use the optional methods of figuring net earnings. Senior tax stimulus check , Schedule EIC SE, Figuring earned income. Senior tax stimulus check , Clergy. Senior tax stimulus check , Church employees. Senior tax stimulus check , EIC Worksheet A. Senior tax stimulus check , EIC Worksheet B. Senior tax stimulus check , Net earnings from self-employment $400 or more. Senior tax stimulus check , When to use the optional methods of figuring net earnings. Senior tax stimulus check , When both spouses have self-employment income. Senior tax stimulus check School, School defined. Senior tax stimulus check Self-employed persons, Rule 7—You Must Have Earned Income, Figuring earned income. Senior tax stimulus check , EIC Worksheet B. Senior tax stimulus check Self-employment income, Earned Income Self-employment tax, Net earnings from self-employment $400 or more. Senior tax stimulus check Separated parents, special rule, Married child. Senior tax stimulus check Social security benefits, Income That Is Not Earned Income Social security number (SSN), Rule 2—You Must Have a Valid Social Security Number (SSN), Valid for work only with INS authorization or DHS authorization. Senior tax stimulus check , No SSN. Senior tax stimulus check , Getting an SSN. Senior tax stimulus check , Married child. Senior tax stimulus check , Exception for math or clerical errors. Senior tax stimulus check Statutory employee, Statutory employee. Senior tax stimulus check , Figuring earned income. Senior tax stimulus check , EIC Worksheet A. Senior tax stimulus check , Statutory employees. Senior tax stimulus check Strike benefits, Strike benefits. Senior tax stimulus check Student, Student defined. Senior tax stimulus check T Tax help, How To Get Tax Help Taxpayer identification number Adoption identification number (ATIN), Married child. Senior tax stimulus check Individual taxpayer identification number (ITIN), Other taxpayer identification number. Senior tax stimulus check Social security number (SSN), Other taxpayer identification number. Senior tax stimulus check Tiebreaker rules, Tiebreaker rules. Senior tax stimulus check Tips, wages, and salaries, Earned Income, Wages, salaries, and tips. Senior tax stimulus check , Earned Income TTY/TDD information, How To Get Tax Help U Unemployment compensation, Income That Is Not Earned Income United States, United States. Senior tax stimulus check V Veterans' benefits, Income That Is Not Earned Income W Wages, salaries, and tips, Earned Income, Wages, salaries, and tips. Senior tax stimulus check , Earned Income Welfare benefits, Income That Is Not Earned Income Workers' compensation benefits, Income That Is Not Earned Income Workfare payments, Workfare payments. Senior tax stimulus check Worksheet 1, Worksheet 1. 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