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Thread: royalty and tax question


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Permlink Replies: 2 - Pages: 1 - Last Post: Nov 2, 2017 1:20 PM Last Post By: Mary J Ballew Threads: [ Previous | Next ]
Mary J Ballew

Posts: 3
Registered: 02/15/15
royalty and tax question
Posted: Nov 1, 2017 6:59 PM
 
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I have a question about royalties from sales. I was wondering if I make any sales for my book in November/December and I do not get paid the royalties for those sells until January/February of 2018, what calendar year do those sales fall under? Is it 2017 or because I do not actually get paid until next year would they be reported on 1099 R for following year?

Any help would be appreciated.

thank you for your time

Donna St Felix

Posts: 5,414
Registered: 09/18/13
Re: royalty and tax question
Posted: Nov 1, 2017 7:16 PM   in response to: Mary J Ballew in response to: Mary J Ballew
 
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Mary J Ballew wrote:
I have a question about royalties from sales. I was wondering if I make any sales for my book in November/December and I do not get paid the royalties for those sells until January/February of 2018, what calendar year do those sales fall under? Is it 2017 or because I do not actually get paid until next year would they be reported on 1099 R for following year?

You pay the tax in the year you are paid, not the year you earn it.
For example: If you make $10,000 on the last day of 2017 and are paid for it on Jan 1, 2018, you pay the tax in 2018.
Mary J Ballew

Posts: 3
Registered: 02/15/15
Re: royalty and tax question
Posted: Nov 2, 2017 1:20 PM   in response to: Donna St Felix in response to: Donna St Felix
 
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Thank you for the reply.
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