What is MISCELLANEOUS INCOME?

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.

More On This Topic



Link to This Definition
Did you find this definition of MISCELLANEOUS INCOME helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary