Sales of property-
If you sold property such as stocks, bonds, or certain commodities through a broker during the year, you should receive, for each sale, a Form 1099-B, Proceeds From Broker and Barter Exchange Transactions. Then you use Form 1099-B to complete Schedule D of Form 1040.
- Other Income- Bartering is an exchange of property or services. You must include in your income, at the time received, the Fair Market Value of property or services you receive in bartering.
- If you exchange services with another person and you both have agreed ahead of time as to the value of the services, that value will be accepted as fair market value value unless the value can be shown to be otherwise. Generallly, you report this income on Schedule C, Profit or Loss From Business, or Schedule C-EZ, Net Profit From Business (Form 1040).
Generally, if a debt you owe is canceled or forgiven, other than as a gift or bequest, you must include the canceled amouth in your income. You have no income from the canceled if it is intended as a gift to you. A debt includes any indebtedness for which you are liable or which attaches to property you hold. If a government agency, financial institution, or credit union cancels or forgives a debt you owe of $600 or more, you will receive a Form 1099-C, Cancellation of Debt.
Examples of Other Income-
Partnership Income, Accelerated Death Benefits, Itemized Deduction Recovery, State Tax Refund, Royalties, Unemployment Benefits, Alimony, Punitive Damages.