Report it as other Income on your Tax return. The income will be reported on Schedule 1 line 8
- Open your return
- Select Federal Taxes
- Go to Wages & Income.
- Scroll all the way down to "Less Common Income."
- Click the Start or Update button next to "Miscellaneous Income, 1099-A, 1099-C."
- On the next screen, scroll down and click the Start or Update button next to "Other reportable income."
- The next screen asks, "Did you receive any other taxable income." Click Yes.
- On the next screen, "Other Taxable Income," enter a description and the amount and continue.
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