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.
What is MISCELLANEOUS INCOME?
Featuring Black’s Law Dictionary
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