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