Miscellaneous Income Definition
May 25, 2017treehouseadmin
For business purposes, miscellaneous income is a catch-all category which includes varied sources of income not usually thought of as revenue. Examples include money received for Jury Duty, Hobby Income and Gambling Winnings.
Some forms of income are challenging to classify when recording business transactions. Miscellaneous income includes a broad group of accounts including bartering (where no money changes hands), endowment contract proceeds, and cancelled debt. The Internal Revenue Service (IRS) even mandates illegal income be reported using this category.
What Is Miscellaneous Income?