Question for the Money Doctors
Question submitted on Mar 19, 2014.
QuestionWhat form or which line of form 1040 should be used to report the royalty income from sales of a book by the publisher?
Royalty income is reported on Schedule E which is then flowed to Line 17 of Form 1040. You can also claim relevant business expenses on the Schedule E for expenses incurred generating this royalty income. Please take a look at Schedule E and it's instructions on www.irs.gov.
Congratulations on getting the royalties!
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