Am I required to file a 1099 misc for royalties received that are less than $500

[Patrice]

Yes, you are required to file the 1099-MISC although the amount is less than 500.00. The IRS states, Taxpayers must report all income from any source and any country unless it is explicitly exempt under the U.S. tax code. There may be taxable income from certain transactions even if no money changes hands.