J.K. Lasser's Your Income Tax Professional Edition 2017

Chapter 11 Other Income

1. 11.1 Prizes and Awards
2. 11.2 Lottery and Sweepstake Winnings
3. 11.3 Gambling Winnings and Losses
4. 11.4 Gifts and Inheritances
5. 11.5 Refunds of State and Local Income Tax Deductions
6. 11.6 Other Recovered Deductions
7. 11.7 How Legal Damages Are Taxed
8. 11.8 Cancellation of Debts You Owe
9. 11.9 Schedule K-1
10. 11.10 How Partners Report Partnership Profit and Loss
11. 11.11 When a Partner Reports Income or Loss
12. 11.12 Partnership Loss Limitations
13. 11.13 Tax Audits of Partnerships
14. 11.14 Stockholder Reporting of S Corp Income and Loss
15. 11.15 How Beneficiaries Report Estate or Trust Income
16. 11.16 Reporting Income in Respect of a Decedent (IRD)
17. 11.17 Deduction for Estate Tax Attributable to IRD
18. 11.18 How Life Insurance Proceeds Are Taxed to a Beneficiary
19. 11.19 A Policy With a Family Income Rider
20. 11.20 Selling or Surrendering Life Insurance Policy
21. 11.21 Jury Duty Fees
22. 11.22 Foster Care Payments

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 ...