Final answer:
Cash receipts from lottery winnings, raffle prizes, and gambling winnings are taxable, while a gift from a friend is usually not taxable to the recipient.
Step-by-step explanation:
The type of cash receipt that is NOT taxable to the recipient is a gift from a friend. In most cases, monetary gifts are not subject to income tax for the recipient, although there may be tax implications for the giver if the gift exceeds a certain amount.
On the other hand, lottery winnings, raffle prizes, and gambling winnings are generally considered taxable income and must be included in your income for tax purposes.
Cash receipts that are considered gifts from a friend are not taxable to the recipient. The Internal Revenue Service (IRS) does not consider gifts from individuals as taxable income, as long as the amount is below a certain threshold. For tax year 2021, the annual gift tax exclusion is $15,000 per person, per year.
On the other hand, lottery winnings, raffle prizes, and gambling winnings are all considered taxable income. These amounts are subject to federal income tax and may also be subject to state and local taxes.