Non-Cash Income IRS Requires To Be Reported On Your Taxes

At tax time, it’s easy to remember your wages, since you receive a Form W-2. It’s also easy to remember income reported on Forms 1099. You probably get many Forms 1099, so don’t lose them. But what isn’t so clear is if you get income without cash, and it is more common than you might think. A variety of events can give you taxable income even though you’ve seen no cash. For example, consider constructive receipt. This tax rule requires you to pay tax when you have a right to payment even though you do not actually receive it.

LEARN MORE NOW