How to file your taxes with TurboTax?

In this video, I cover the basics of reporting royalty earnings and expenses on Schedule E.

Royalty earnings can be a complicated tax subject. Royalties are generally characterized as nonbusiness income which is subject to ordinary income taxes, but it is NOT subject to self-employment taxes.

If the content creator who earned the royalties is engaged in the trade or business of creating the IP, then the royalties could be characterized as income in connection with a trade or business. Those receipts are reported on Schedule C, and the taxpayer can deduct ordinary and necessary expenses in connection with the business (IRC Section 162).

Royalty Income from a Trade or Business: https://youtu.be/5Dta-gEnxf4

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you.

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