Do I HAVE TO PAY ON ROIALTIES FROM A BOOK SALE?

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Do I HAVE TO PAY ON ROIALTIES FROM A BOOK SALE?

I get two checks a year from book sales do i have to file

2007-03-06 05:36:09 · 2 answers · asked by The Child of the Shadows 2 in Business & Finance ➔ Taxes ➔ United States

2 answers

Yes. Royalties are considered taxable income. And they are considered self-employment income as well. Subject to Social Secuity tax besides Federal Tax.

2007-03-06 05:47:39 · answer #1 · answered by bold4bs 4 · 0⤊ 0⤋

If that's your only income, and the total is less than $400 for the year, then no you don't have to file. Otherwise you do.

2007-03-06 06:16:42 · answer #2 · answered by Judy 7 · 0⤊ 0⤋