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tyhara-carrillo
New Member

Other reportable income

 
5 Replies
DawnC
Employee Tax Expert

Other reportable income

Do you have a question about Other reportable income? 

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SW2020
New Member

Other reportable income

Hello.  I have funds for riding public transit to work taken out of each paycheck.  This is my first time trying it.  It's pretax so I'm sure I must owe taxes on it but unsure what category of taxable income it falls under and whether or not I owe both state and federal taxes on it.  Please help. 

grandmadredge39
New Member

Other reportable income

We sold a duplex on a contract (we are the lenders) and my husband was reporting the income from the mortgage payments as capital gains;  he has passed away, and I would like to know if I can report it as 'installment payments'?

MaryK1101
Employee Tax Expert

Other reportable income

You do not have to report this.  Qualified transportation fringe benefits allow employees and employers to use pre-tax dollars towards commuting expenses. The amount of pre-tax dollars allowable varies based on cost-of-living adjustments by the IRS. (The monthly maximum limit for 2019 is $265.)

@SW2020

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MaryK1101
Employee Tax Expert

Other reportable income

Yes, the correct way to report it is under Installment Sales- this allocated the interest as income and also reports the Capital Gain.  You may want to check the past returns and see if you can amend.  @grandmadredge39

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