Greatly appreciate your input.
1-
My child is <14yo, in my tax return as a dependent as of 2024. When my child eventually gets book published through KDP/Amazon, I imagine the sales will not be more than a thousand.
Whether it’s a business or hobby, I believe we parent will get 1099 for any sales as we, the parent, will be signing agreements with KDP. All 1099 need to be reported as “income”, big or small, correct?
2- if we are not sure if the book-writing will become a business in the future, should we just keep it as a hobby and NOT to deduct the expenses at all (even after the book is published)?
As a parent, I dreamed of my child being one of the “best sellers”, someday in the future 🙂
bless you all!
