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  • EXCLUSIONS Bernales

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    Sim Belsondra
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    This document discusses exclusions from gross income for tax purposes. It notes that income can be excluded from gross income due to the Constitution, laws, or treaties, but may still be subject to other taxes besides income taxes. The document also defines passive income as income requiring minimal effort to obtain, such as dividend income, rental income, affiliate marketing, peer-to-peer lending, renting out a parking space or home. Other sources of income mentioned include capital gains, dividends, interest, rentals, business income, earned income, and royalties.

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    This document discusses exclusions from gross income for tax purposes. It notes that income can be excluded from gross income due to the Constitution, laws, or treaties, but may still be subject to other taxes besides income taxes. The document also defines passive income as income requiring minimal effort to obtain, such as dividend income, rental income, affiliate marketing, peer-to-peer lending, renting out a parking space or home. Other sources of income mentioned include capital gains, dividends, interest, rentals, business income, earned income, and royalties.

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    7 views7 pages

    EXCLUSIONS Bernales

    Uploaded by

    Sim Belsondra
    This document discusses exclusions from gross income for tax purposes. It notes that income can be excluded from gross income due to the Constitution, laws, or treaties, but may still be subject to other taxes besides income taxes. The document also defines passive income as income requiring minimal effort to obtain, such as dividend income, rental income, affiliate marketing, peer-to-peer lending, renting out a parking space or home. Other sources of income mentioned include capital gains, dividends, interest, rentals, business income, earned income, and royalties.

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    © All Rights Reserved
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    EXCLUSIONS FROM

    GROSS INCOME
    Exclusion
    Income earned or received but is not included in the determination of gross
    income.

    Sources of Exclusion
    Constitution
    Laws
    Treaties
    Taxes other than Income Taxes

    “Despite their non-inclusion from gross income such items may ne subject to taxes other than the income tax.”
    Discuss passive income
    Passive income—or unearned income, as the 
    Internal Revenue Service (IRS) calls it—is
    income that requires minimal effort to obtain. It
    is often combined with another source of
    income, such as a side job.
    These are some examples of passive
    income
    • Dividend stocks
    • Rental income
    • Affiliate marketing
    • Peer-to-peer lending (loan)
    • Rent out a parking space
    • Sponsored post on social media
    • Rent out your home short term
    Other Sources of Income
    • Capital Gains From Appreciated Assets.
    • Dividend Income.
    • Interest Payments.
    • Rental Income.
    • Business Income.
    • Earned Income.
    • Royalties and Selling Rights.
    THANK
    YOU!!!

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