In the post on submitting photos online to ShutterStock and iStockPhoto, I claimed that revenue generated was passive income. This is incorrect – income generated is actually residual income. Many companies lay claim to earning passive income using their methods or systems. I became curious and wanted to research and report accurately. The U.S. Internal Revenue Service (IRS) has strict definitions for passive income as follows: Passive income has only two sources: net rental income and income from a business in which the taxpayer does not materially participate.
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