Posted on 04/18/2010 7:43:01 AM PDT by OldBlondBabe
Should this not be “royalty income” reportable on Sch. E?
Hey, didn’t Lucky Luciano get deported for tax fraud back to Italy? Maybe we can deport Obummer similarly to Kenya!
Where’d Soros store all those books?
I’m sure IRS agents are being dispatched to Obama as we type.
Terrific Timmy Geithner told him to file the schedule C
RULES?!? WHAT rules? ..why I’m PRESIDENT, you fool!
I’m sure the President’s return was done by competent accountants, who know how such income and expenses are customarily treated.
Many technical aspects of tax accounting seem strange to someone who is not trained in the field.
“Welcome to New Kenya” (Africa USA)
“Where the law of the jungle has replaced the Law of the Land!” /sarcasm kind-of
How about that nobel peace prize money? We haven’t heard much about that or its legality either.
It all depends on how it was reported. 1099-Misc (which many who get side jobs enjoy) or on a 1098.
One can still deduct the expenses of creating the royalties on their Sch E.
Not sure why there would be a need to create a Schedule C business.
In fact, I would call it improper advice.
I would advise anyone getting $7 mill in income to create a corporation to handle the income. Any good CPA should be able to decide which is the correct corp to create.
Leaves the businessman/taxpayer too open for liability issues.
How do FReepers handle their royalty income?
Royalties from writing books go on Schedule C. And they are subject to self-employment tax.
And who told Timmy what to do? Hmmm?
Well what do expect Charlie Rangel and Tim Geitner assisted him with filing the tax return. Charlie rangel writes the tax code and does not pay it and geitner refuses to pay taxes. So it is more of the same - but watch Obama will blame Bush - it it is all George Bush’s fault. Don’t do as i do, just do as i say - words do matter. Just words, What a Imbecile!
Profiles in Courage was ghostwritten.
So, did Obama pay the self-employment tax?
Most of these sales were foreign. Hence all the overseas trips on Air Force One last year. Imagine how many he sold by going to Cairo, Istanbul and Ghana.
I doubt it. Figure that he has accountants who know where to report this kind of income.
My best guess would be that somewhere in the 500 trillion pages of output from the IRS there is a finding that authors have to report their income on Schedule C.
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