Microstock Photography Forum - General > Newbie Discussion

Tax Questions (US)

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Clair Voyant:

--- Quote from: Sean Locke Photography on September 30, 2020, 08:00 ---
--- Quote from: JohnTravolski on September 29, 2020, 21:11 ---Or do any of you report this as royalty income on a schedule E? I'm so confused since this isn't my primary source of income.

--- End quote ---

No.  And you can read why here : https://www.microstockgroup.com/general-stock-discussion/moving-to-the-u-s-tax-questions/msg556922/?topicseen#new

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or........... https://www.irs.gov/forms-pubs/about-schedule-e-form-1040

It's so simple how has this become a photo forum question?

https://www.youtube.com/watch?v=VA4AACzlhe8&ab_channel=DaveHax

Sean Locke Photography:
https://pocketsense.com/royalties-schedule-e-5790575.html

"You would use Schedule C, not Schedule E, to report royalties if you’re a self-employed writer, songwriter or artist. The key phrase here is “self-employed.” You created something with the intention that it would earn you a livelihood. It's an ongoing endeavor, not a one-shot effort. Schedule E is appropriate for reporting passive income."

https://www.thetaxadviser.com/issues/2013/dec/kelley-dec2013.html

cascoly:

--- Quote from: JohnTravolski on September 27, 2020, 10:34 --- ... What's everything that you deduct on your schedule C?...



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hair dye & haircuts

JohnTravolski:

--- Quote from: Sean Locke Photography on September 30, 2020, 12:05 ---https://pocketsense.com/royalties-schedule-e-5790575.html

"You would use Schedule C, not Schedule E, to report royalties if you’re a self-employed writer, songwriter or artist. The key phrase here is “self-employed.” You created something with the intention that it would earn you a livelihood. It's an ongoing endeavor, not a one-shot effort. Schedule E is appropriate for reporting passive income."

https://www.thetaxadviser.com/issues/2013/dec/kelley-dec2013.html

--- End quote ---

I'm a regular W2 worker doing a completely unrelated job at a large company, which is responsible for 95% of my income. I do stock for fun and only sell it to try and earn a little extra money, which is why I find it hard to consider myself "self-employed" and is why I was giving consideration to schedule E. I'm just wondering if there are others in a similar situation and I'm wanting to know what they did.

Sean Locke Photography:
No.  You’re actively doing it, so it’s still a business.

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