Which of the following is not included in gross income when received?
A)interest received on bank accounts
B)royalties paid to an author
C)amounts received to cancel or modify a lease
D)refundable security deposit

Question

Quizplus · Accepted Answer

Refundable security deposits are not included in gross income when received since they are expected to be returned to the individual at a later date. However, if a portion of the security deposit is kept by the payer due to damages or other reasons, that amount may be included in gross income. A, B, and C are all types of income that are typically included in gross income when received.

Which of the Following Is Not Included in Gross Income