Clients (MFJ) are 74 and 72. They are into a multi-level marketing gig that pays them on a 1099-misc. At the bottom of the 1099-misc it lists "other income" including a cruise and an iPad. HOWEVER, no value is assigned to these items and they appear to not be part of the $400 reported in box 3.
Do I need to come with a FMV for these items and include them as income? (I think yes, but hope no) Line 21 or schedule C? Are they subject to SE taxes?
TIA.
Do I need to come with a FMV for these items and include them as income? (I think yes, but hope no) Line 21 or schedule C? Are they subject to SE taxes?
TIA.
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