J.K. Lasser's Your Income Tax 2015: For Preparing Your 2014 Tax Return

Chapter 11Other Income

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 in Schedule E according to Schedule K-1 statements provided you by the entity, and then transferred to Line 17 of Form 1040.

Further reporting details are discussed in this chapter.

• 11.1 Prizes and Awards
• 11.2 Lottery and Sweepstake Winnings
• 11.3 Gambling Winnings and Losses
• 11.4 Gifts and Inheritances
• 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
• 11.9 Schedule K-1
• 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 Corp. 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 ...