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Level 3
January 18, 2022
Solved

Schedule C: Reporting income received as non-cash payment

  • January 18, 2022
  • 2 replies
  • 27 views

My Schedule C small business performed some minor work for a venue operator and was paid with event tickets worth $120 if purchased at the box office.   I won't be getting a tax form.  How is that in-kind income reported on the Schedule C; do I simply add it to my cash receipts from other jobs?   Thanks for info.

    Best answer by Hal_Al

    Q. Do I simply add it to my cash receipts from other jobs?  

    A. Yes.

     

    If you want to differentiate it, on your tax return, you could enter it ,in the TT business  interview , at "other income" rather than just adding it to your gross receipts ("Income or Sales").  But, that is not a requirement. 

    2 replies

    Mike9241
    Level 15
    Level 15
    January 18, 2022

    amount not reported on 1099-NEC or MISC  cash value $120

    Mike9241
    Hal_Al
    Level 15
    Hal_AlLevel 15Answer
    Level 15
    January 18, 2022

    Q. Do I simply add it to my cash receipts from other jobs?  

    A. Yes.

     

    If you want to differentiate it, on your tax return, you could enter it ,in the TT business  interview , at "other income" rather than just adding it to your gross receipts ("Income or Sales").  But, that is not a requirement.