Would this gift be taxable?

[Confused]

My son's HS rowing team gave him a $500 gift for being the outstanding team member. (yes, we are very proud).

Is the gift taxable? They are a nonprofit.

 

[Bill Brown]

My son's HS rowing team gave him a $500 gift for being the outstanding team member. (yes, we are very proud).

Is the gift taxable?  They are a nonprofit.

Yes, it is a taxable award.

 

[remove ps]

Yes, it is a taxable award.

Line 21 Other Income or SE income? I think Line 21. SE income makes
it subject to FICA taxes (15.3%), but allows you to deduct expenses as
well, but this is an award.

 

[Phil Marti]

My son's HS rowing team gave him a $500 gift for being the outstanding team member. (yes, we are very proud).

Is the gift taxable?

Line 21 misc income. He's not in the trade or business of being an oarsman, so no Schedule C.

Phil Marti
VITA/TCE Volunteer
Clarksburg, MD