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Schedule C: Reporting income received as non-cash payment

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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Accepted Solutions
Hal_Al
Level 15

Schedule C: Reporting income received as non-cash payment

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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2 Replies

Schedule C: Reporting income received as non-cash payment

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

Hal_Al
Level 15

Schedule C: Reporting income received as non-cash payment

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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