Income – Other Income

Income Other Income16-1 IntroductionThis lesson will help you determine Other forms of Income and how to report Other sources of Income . Part of the lesson is for all course levels and part is only for the International International part of this lesson will help you report Income earned from worldwide sources. To do this, you need to be able to identify the type of Income and, if reportable, convert it to the equivalent dollar value of the foreign currency. This lesson will cover the foreign earned Income exclusion reported on Form 2555, Foreign Earned Income . Income Other IncomeObjectivesAt the end of this lesson, using your resource materials, you will be able to determine: Other types of Income and how to report Other sources of Income Determine the requirements for the cancellation of debt on nonbusiness credit card debt when preparing tax returns Determine when canceled cr

Individuals, can assist with the explanation. Refer to Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Generally, when debt is canceled, the lender will issue Form 1099-C, Cancellation of Debt, which is then reported as income by the recipients on their tax return. There are exceptions and exclusions to the general

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  Income, Other, Foreclosure, Abandonment, Repossessions, Other income

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