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Royalty Income

Menu Path: Income > Uncommon Income > Royalty Income (Schedule E)

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Royalties are payments you receive for the use of your property. Royalties are generally based on the number of units sold, such as the number of books, tickets to a performance, or machines sold.

Royalties from copyrights on literary, musical, or artistic works, and similar property, or from patents on inventions, are amounts paid to you for the right to use your work over a specified period of time.

Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property. The royalties are based on units, such as barrels, tons, etc, and are paid to you by a person or company who leases the property from you.

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