I am a US citizen. I wrote an open source program many years ago, and just recently have sold the code and IP rights to an Australian, who will be wiring money to me soon in the amount of $25,000 US. Will I be taxed on this? Do I need to report it? This wasn't a project for hire, and developing software is not my primary or usual income- he basically just wanted the IP rights and the code itself, so he bought it.
Thanks!