Legal Definitions

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Category: Income Reporting

What are Taxes on Sale of Home?

Home » Tax Law » Reporting Income » Taxes on Sale of Home

You may qualify to exclude from your income all or part of any gain from the sale

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What are Taxes on Unemployment and Workers Comp Benefits?

Home » Tax Law » Reporting Income » Taxes on Unemployment and Workers Comp Benefits

Unemployment benefits are counted as income on your return. You should report the payments on

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What are IRA Deductions?

Home » Tax Law » Reporting Income » IRA Deductions

An individual retirement arrangement, or IRA, is a personal savings plan which allows you to set aside money for retirement,

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What are Partnership or S Corporation Taxes?

Home » Tax Law » Reporting Income » Partnership or S Corporation Taxes

With a partnership or an S corporation the entity itself does not actually pay taxes. As a

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What is Rental Property Income?

Home » Tax Law » Reporting Income » Rental Property Income

Rent payments made on rental property is considered rental income and must be reported. However, rental income does not

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What is Royalty Income?

Home » Tax Law » Reporting Income » Royalty Income

Royalties must be reported as income. Royalties are payments for the use of patents, copyrights, author’s royalties, royalties for works

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What are Lottery, Gambling, or Other Prize Winning Taxes?

Home » Tax Law » Reporting Income » Lottery, Gambling, or Other Prize Winning Taxes

You must treat lottery, gambling, or other prize winnings as “other income” and pay taxes

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What are 401(k) Taxes?

Home » Tax Law » Reporting Income » 401(k) Taxes

A section 401(k) plan is a type of deferred compensation plan in which an employee can elect to have the

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