How Many type of Income Sources

How Many type of Income Sources

There are several types of income sources, including:

Earned Income: obtained through employment, self-employment or running a business.

Investment Income: obtained through returns on investments such as stocks, bonds, and real estate.

Passive Income: received without actively participating in the work, such as rental income, royalties, or dividends.

Retirement Income: obtained through pension plans, social security, or personal savings plans.

Public Assistance: provided by government programs such as unemployment benefits, disability benefits, or welfare.

Inheritance: received from the estate of a deceased person.

Sale of property: profit from selling real estate, artwork, or other assets.

Gambling or Prize winnings: from games of chance or contests.

Note that the tax treatment of these income sources can vary, and it is important to understand the tax implications of each type of income.