Chapter 11
Other Income
11.2 Lottery and Sweepstake Winnings
11.3 Gambling Winnings and Losses
11.5 Refunds of State and Local Income Tax Deductions
11.6 Other Recovered Deductions
11.7 How Legal Damages Are Taxed
11.8 Cancellation of Debts You Owe
11.10 How Partners Report Partnership Profit and Loss
11.11 When a Partner Reports Income or Loss
11.12 Partnership Loss Limitations
11.13 Unified Tax Audits of Partnerships
11.14 Stockholder Reporting of S Corporation Income and Loss
11.15 How Beneficiaries Report Estate or Trust Income
11.16 Reporting Income in Respect of a Decedent (IRD)
11.17 Deduction for Estate Tax Attributable to IRD
11.18 How Life Insurance Proceeds Are Taxed to a Beneficiary
11.19 A Policy With a Family Income Rider
This chapter discusses various types of payments you may receive; some are taxable and others are not taxable. Examples of taxable items include:
- Taxable state tax refunds, which are reported on Line 10 of Form 1040.
- Prizes, gambling winnings, and awards, which are reported on Line 21 of Form 1040. There are several exceptions, including the new exclusion for debts discharged in a mortgage restructuring or foreclosure (11.8).
- Cancellations of debt, which are reported on Line 21 of Form 1040.
- Your share of partnership, S corporation, trust, or estate income or loss, which is reported ...
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