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Posted by Pats Fan on May 2, 2008, 1:40 pm
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Can royalties be put on Schedule C or do they HAVE to be put on
Schedule E?
For instance, Writer can use potentially on Schedule C some amounts of
Health Insurance, Office in Home.
========================================= MODERATOR'S COMMENT:
A writer receiving royalties for his or her own works reports them
on Schedule C. Should that writer pass away, heirs might receive
decedant's royalties, and would report them on Schedule E.
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Posted by Rich Carreiro on May 2, 2008, 2:01 pm
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> ========================================= MODERATOR'S COMMENT:
> A writer receiving royalties for his or her own works reports them
> on Schedule C. Should that writer pass away, heirs might receive
> decedant's royalties, and would report them on Schedule E.
That reminds me...
Are the royalties from a particular work always on
the author's Sched C, no matter how many years ago
the work was produced?
--
Rich Carreiro rlc-news@rlcarr.com
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
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<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by John Levine on May 2, 2008, 3:13 pm
Please log in for more thread options >Are the royalties from a particular work always on the author's Sched
>C, no matter how many years ago the work was produced?
Sure. I have royalties from a 1992 book that I report on Sch C. What
would trigger a change?
R's,
John
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by AES on May 2, 2008, 3:11 pm
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> ========================================= MODERATOR'S COMMENT:
> A writer receiving royalties for his or her own works reports them
> on Schedule C. Should that writer pass away, heirs might receive
> decedant's royalties, and would report them on Schedule E.
Not a taxpert myself, but as a textbook author I was similarly told many
years ago that author's book royalties could be considered as a form of
self-employment income and put on Sched C; and that, in similar vein,
they could be treated as self-employment income for purposes of putting
an appropriate fraction of them into a Keogh each year --- and two
successive professional preparers have been happy to go along with this.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by removeps-groups@yahoo.com on May 2, 2008, 4:17 pm
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> ========================================= MODERATOR'S COMMENT:
> A writer receiving royalties for his or her own works reports them
> on Schedule C. Should that writer pass away, heirs might receive
> decedant's royalties, and would report them on Schedule E.
Schedule E instructions say "If you are in business as a self-employed
writer, inventor, artist, etc., report your royalty income and
expenses on Schedule C or C-EZ".
However, if you wrote your book years ago and no longer work on it
(but still are a writer), but you just collect royalties then is it
Schedule C or E? If you are no longer a writer then is it Schedule C
or E?
On Schedule C you have to pay SE tax. If you are not a writer, you
have no deductions related to writing, so it seems unfair to have to
pay SE tax on it.
If you could put it on Schedule E, would it be able to offset loss
from other passive activities such as rentals?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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