Tax Form 1099-MISC Explained || Rent, Royalty, Prizes Income
Until tax year 2020, form 1099-MISC was known for reporting non-employee income. Since then, non-employee income was moved by the IRS to form 1099-NEC. However, it is still used to report certain incomes such as royalties, rents, prizes, fishing activities, and health care payments.
Timecodes:
00:00 - Intro
00:25 - Changes to 1099-MISC in 2020
03:12 - Rent payments (not what you think)
03:30 - Royalty income
05:39 - Which schedule to use to report 1099-MISC?
The 15 Most Common Tax Forms in 2022 (+Infographics) article: / 15-most-common-tax-forms-in-2022
Boost Your Tax IQ Book: shorturl.at/ijBU2
Form 1099-misc box-by-box instructions: https://boostyourtaxiq.com/resources
IRS instructions for 1099-misc are at https://www.irs.gov/pub/irs-pdf/i1099...
Schedule C, Profit or Loss from Business (Self-Employed / Sole Proprietor): https://www.irs.gov/forms-pubs/about-...
Schedule E, Supplemental Income and Loss: https://www.irs.gov/forms-pubs/about-...
Schedule F, Profit or Loss From Farming: https://www.irs.gov/forms-pubs/about-...
Schedule 1, Additional Income and Adjustments to Income: https://www.irs.gov/pub/irs-pdf/f1040...
——————————DISCLOSURE———————————
The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional.
The information in this video is based on current tax law and IRS regulations as of date of publication and is subject to change.
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