Definition of Miscellaneous income:
Income that must be reported to the IRS if the individual or corporation is of American origin, even if the income itself is from a foreign source, unless it is specifically exempt in the U.S. This income may be gained in property, money or other assets from royalties, rents, prizes, dividends, interest, or any other income otherwise unreported to the IRS. This type of income uses IRS Form 1099-MISC.
How to use Miscellaneous income in a sentence?
- I did not like having miscellaneous income because it meant that I would have to report it and I didnt want to do that.
- The overall revenue of our company is a function of both operating and miscellaneous income though the latter is de minimis in relation to the total.
- Sam was paid fifty dollars in cash for his help filing papers at my office, so he reported it as miscellaneous income on his taxes.
Meaning of Miscellaneous income & Miscellaneous income Definition