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Question for the Money Doctors

Question submitted on Mar 19, 2014.

Question

What form or which line of form 1040 should be used to report the royalty income from sales of a book by the publisher?

Answer

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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