Sale of Musical Composition

nolacarol · ‎February 23, 2021

Where do we report the sale of a musical composition that my husband wrote? My understanding is that sales of musical catalogs were treated as a sale of capital assets but part of Turbo Tax's Q&A seems to explicitly exclude musical compositions that one writes as a capital asset?

MarilynG1 · ‎February 23, 2021

You can report the sale of a musical composition as Business Income on Schedule C, and claim Business Expenses against the income.

Click this link for a detailed Musician's Guide to Taxes.

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View solution in original post

MarilynG1 · ‎February 23, 2021

You can report the sale of a musical composition as Business Income on Schedule C, and claim Business Expenses against the income.

Click this link for a detailed Musician's Guide to Taxes.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Sale of Musical Composition