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Tax Insight: For Tax Year 2013 and Beyond, Second Edition by M. Casey Murdock

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Other Sources of Ordinary Income

Each with Its Own Quirks

In addition to employment income and retirement income, there are almost innumerable other sources of “ordinary” income. The purpose of this chapter is to address some of the more common sources of ordinary income that can catch a taxpayer unaware because of the special rules or misperceptions attached to them. The ordinary income sources covered in this chapter are:

  • State tax refunds
  • Alimony
  • Debt forgiveness
  • Gambling winnings
  • Royalties
  • Awards for legal damages
  • Unemployment income
  • Bartering (trading)

State Tax Refunds

State tax refunds fall into the “potentially taxed” category of income. ...

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