MISCELLANEOUS INCOME
\mˌɪsəlˈe͡ɪni͡əs ˈɪnkʌm], \mˌɪsəlˈeɪniəs ˈɪnkʌm], \m_ˌɪ_s_ə_l_ˈeɪ_n_iə_s ˈɪ_n_k_ʌ_m]\
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income gained from property, money or other assets as royalties, rents, prizes, dividends, interest, or any other income otherwise unreported to the IRS. This income type uses IRS Form 1099MISC. If the individual or corporation is of American origin, this income must be reported to the IRS, even if the income itself is from a foreign source, unless specifically exempt in the U.S.
By Henry Campbell Black
Word of the day
Snake's-head
- Guinea-hen flower; -- so called in England because its spotted petals resemble the scales of a snake's head.