Incomes which cannot be classified in any of the other heads of income may be classified here.
The following are examples of income to report:
* Gambling winnings (lotteries, raffles), etc. Report the full amount received.
* Prizes and awards received other than in connection with your trade or business.
* Fees for jury duty.
* Fees for being an executor, administrator or personal representative of an estate.
* Canceled debts. If a debt you owe is canceled or forgiven, other than as a gift or bequest, you may have to include it in income.
* Income from an activity not engaged in for profit, such as a hobby. Deductions relating to the activity cannot exceed the income from the activity and may be claimed only as itemized deductions on Schedule A.
* Damages received for personal nonphysical injuries or sickness; backpay/lost profits (in most cases); and punitive damages relating to any injury or illness.
* Reimbursements or other amounts received for items deducted in an earlier year, such as medical expenses, real estate taxes, or home mortgage interest.
To Read More: How should I report other income?
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