Questions about Income .: TaxSlayer.com Help Center

Examples of Items to Report as Other Income
Taxable distributions from a health savings account (HSA) or an Archer MSA. Distributions from these accounts may be taxable if (a) they are more...

Form 982: General Information
If you had a debt cancelled during the tax year, you generally need to report this as income on your return. However, if any of the following...

Form 982: What is a "discharge of indebtedness in a title 11 case"?
If you had debt cancelled and are no longer obligated to repay the debt, you generally must include the amount of cancelled debt in your income....

Form 982: What is a "discharge of indebtedness to the extent insolvent"?
If you had debt cancelled and are no longer obligated to repay the debt, you generally must include the amount of cancelled debt in your income....

Form 982: What is a "discharge of qualified farm indebtedness"?
If you had debt cancelled and are no longer obligated to repay the debt, you generally must include the amount of cancelled debt in your income....

Form 982: What is a "discharge of qualified principal residence indebtedness"?
If you had debt cancelled and are no longer obligated to repay the debt, you generally must include the amount of cancelled debt in your income....

Form 982: What is a "discharge of qualified real property business indebtedness"?
If you had debt cancelled and are no longer obligated to repay the debt, you generally must include the amount of cancelled debt in your income....

How do I report gambling winnings and gambling losses?
Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from...

I didn't own a business. Why do I have to report my 1099-MISC on a Schedule C?
When you earn money by performing work, that income is usually subject to social security and Medicare taxes. Usually, when you work for a...

I received alimony payments. When do I have to claim this on my return?
Alimony payments received from your spouse or former spouse are taxable to you in the year you receive them. Generally, if are receiving alimony...

I sold some assets. When would I report the sale as a "sale of business property" instead of a capital gain?
Generally, you would report the sale of any of the items below as the "sale of business property":Property used in your trade or...

Section 179 Deduction Limitations
Taking the Section 179 election allows the taxpayer to elect to deduct the total cost of the property purchased in lieu of depreciating the...

What are "royalties"?
"Royalties" can generally be described as payments you receive for the use of your property, that are based in some way on the number of...

What are NonPassive Entities?
What are NonPassive Entities?NonPassive Entities include:Trade or business in which you materially participated for the tax year.A working interes...

What are Passive Activities?
What are Passive Activities?There are two kinds of passive activities. Trade or business activities in which you do not materially participate...

What are the various types of interest? What are nominee and accrued interest? What is an OID adjustment?
Generally, you would know if any of these applied to you. There are few cases when one of these would apply to you and you would not be aware. If...

What does "materially participate" mean?
What does "materially participate" mean?Material participation testsYou materially participated in a trade or business activity for a tax...

What does Active Participation mean?
What does Active Participation mean?Active participation is not the same as material participation. Active participation is a less stringent...

What does All Investment At Risk mean?
What does All Investment At Risk mean?Your investment is considered an At-Risk investment for:The money and adjusted basis of property you...

What if I do not receive a 1099-INT, 1099-DIV, or a 1099-OID for my interest or dividends?
In some cases you will not receive a 1099-INT, 1099-DIV or a 1099-OID but you still have interest or dividends that need to be reported on your tax...

What if I had income from tips that I didn't report to my employer?
Sometimes, you may receive tips for work or services you performed, but you don't report these to your employer. If you have such income, you are...

What is a "capital asset"?
Almost everything you own and use for personal or investment purposes is a capital asset. Examples are your home, household furnishings, and stocks...

What is a "Collectible Exchange"?
If you had capital gains or losses that you need to report on your return, there is certain information about the sale that you must know that will...

What is a "Collectible Exchange"?
Collectibles include:works of artrugsantiquesmetals (such as gold, silver, and platinum bullion)gemstampscoinsalcoholic beveragesand certain other...

What is a "qualified tuition plan (QTP)"?
A Qualified Tuition Program (QTP) also called "529 plan", formerly called a Qualified State Tuition Program (QSTP), is established and...

What is a Schedule E?
Use Schedule E (Form 1040) to report income or loss from rental real estate,royalties, partnerships, S corporations, estates, trusts, and residual...

What is a Short Sale?
A short sale is a contract to sell property you borrowed for delivery to a buyer. At a later date, you either buy substantially identical property...

What is an "installment sale"?
An installment sale is a sale of property at a gain where at least one payment is to be received after the tax year in which the sale occurs. You...

Who must file a Schedule-SE?
Your net earnings from self-employment from other than church employee income were $400 or more. If you are in business (farm or non-farm) for...