Other Income

This one-hour course takes a deep dive into taxation on other forms of income. Among the issues discussed are bartering, canceled debts, being a host or hostess, life insurance tax concerns, partnerships, S corporations, TCJA updates, recoveries, and rental and personal property income. Continuing, we’ll explore repayments, royalties, unemployment compensation, public assistance and related tax issues, specific tax-related topics including non-profits, alimony, bribes and kickbacks, campaign contributions, rebates, and a significant number of additional tax rules.

Students must pass a final exam with a score of at least 70%

Specifically, the course discusses:

• Bartering including associated rules plus several examples;
• Canceled debts, including mortgages, stockholder debt, repayment of a canceled debt, exceptions, student loans, and the repayment pause;
• Being a host or hostess, proceeds of life insurance including the IRS’ rules, public safety officers, partnerships, S Corporations, an update from the TCJA regarding pass-through qualified trades or businesses;
• Recoveries and additional rules, itemized deductions, rent and personal property concerns, and other repayments;
• Additional forms of income, including royalties, unemployment benefits, contributions to government unemployment compensation program, publilc assistance benefits, disaster relief/qualified disasters, and Medicaid and Social Security;
• Substantial additional tax issues related to other income, including the Alaska Permanent Fund dividend, alimony, bribes and kickbacks, campaign contributions, car pools, cash rebates, charitable gift annuities, court awards and damages, credit card insurance, estate and trust income, expenses paid by another person, fees, and foster care providers;
• “Free tours,” gambling winnings, gifts and inheritances, hobby losses, illegal activities, jury duty, prizes and awards, scholarships, and more.

Course ID(s): UUBXU-U-00079-25-S

Approved By: International Revenue Service (IRS)