Income

Home

What is Form 1099-DA, and how will it affect my tax return?
Contributed by: BarbaraL, FreeTaxUSA Agent, Tax Pro What is IRS Form 1099-DA (Digital Asset Proceeds)? Did you get a brand-new form this year titled Form 1099-DA and wonder what it even means or what you’re supposed to do with it? Starting in calendar year 2026, you might receive a 1099-DA if you sold, traded, or got rid…
Reporting Name, Image and Likeness (NIL) income
Contributed by: KristineS, FreeTaxUSA Agent, Tax Pro Congratulations! Your sports prowess was just monetized into an NIL deal! Not only do you get to do cool things like endorse national brand labels, drive a sports car from a major car dealership, eat at up-scale restaurants or a local favorite hamburger joint, wear…
When to report Paid Family Leave and Family Leave Insurance on your taxes
Contributed by: BarbaraL, FreeTaxUSA Agent, Tax Pro Taking time off for the delivery of a new baby or to care for a family member? You might get money from Paid Family Leave (PFL) or Family Leave Insurance (FLI). No surprise—this income can affect your taxes. Don’t worry! In this article, we’ll explain what PFL and FLI…
IHSS income: what is it and is it taxable?
Contributed by: BarbaraL, FreeTaxUSA Agent, Tax Pro If you're an IHSS (In-Home Supportive Services) provider, you might receive a W-2 for your caregiving work, even if that income isn’t taxable. Thanks to IRS Notice 2014-7 some caregivers are allowed to exclude (subtract) this income from their federal Adjusted Gross…
How to report the sale of a collectible
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro You inherited a set of antique silver flatware from your grandmother. You never use it and recently learned the price of silver has gone up, so you can sell it now for a good price. However, you wonder whether you need to report this on a tax return since it’s the sale of…
Do I need to report the sale of my main home?
Contributed by: AndreaS, FreeTaxUSA Agent, Tax Pro Most homeowners don’t need to report the sale of their main home (primary residence) on their tax return. However, there are circumstances when it’s required. In this article, we’ll guide you through the eligibility requirements for the home sale exclusion and explain when…
How do I report a 1099-K for a loss on the sale of personal items?
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro If you sell a personal item (such as a used car, furniture, or clothing) for less than you originally paid for it, you don't need to report it on your tax return. This is because losses on the sale of personal-use property are neither tax-deductible nor included as income.…
I received a 1099-NEC, but I don’t think I am self-employed
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro January rolls around, and you're patiently waiting to receive tax forms in the mail. Slowly, the regular forms come, such as the W-2, 1099-INT, and 1098 for mortgage interest. Then a Form 1099-NEC arrives in the mail. What is this form about? An inspection shows it was…
Do I need to report disability income on my tax return?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro Every good accountant will answer questions like this by starting with two words: “It depends.” If your disability income is only coming from social security, then none of the income is taxable and you don't need to file a tax return. Conversely, some disability income is…
How do I enter a 1099-INT from my broker statement?
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro The ease of investing using online accounts has grown. With an app for smart phones, or an online account on your computer, many more people are investing on their own in the stock market. The statement you get from your brokerage company will be a composite statement,…