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rlistou
New Member

I have LLC that is holding company for patents for sale and has gotten revenue from lawsuits for infringment. Do I click Other or what?

 
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PatriciaV
Employee Tax Expert

I have LLC that is holding company for patents for sale and has gotten revenue from lawsuits for infringment. Do I click Other or what?

Yes, revenue from infringement lawsuits would be considered "Other Income" for the company that owns the patents. This may also be called General Income in TurboTax (income not reported on Form 1099-MISC) for Schedule C.

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PatriciaV
Employee Tax Expert

I have LLC that is holding company for patents for sale and has gotten revenue from lawsuits for infringment. Do I click Other or what?

Yes, revenue from infringement lawsuits would be considered "Other Income" for the company that owns the patents. This may also be called General Income in TurboTax (income not reported on Form 1099-MISC) for Schedule C.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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