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-   -   Reporting royalty (oil & gas) income (https://www.askmehelpdesk.com/showthread.php?t=311467)

  • Feb 1, 2009, 09:31 AM
    kristin0824
    Reporting royalty (oil & gas) income
    My children (teenagers) each received about $55 in royalty income for 2008. Will this income have to be reported on their separate returns? Is there a minimum amount they can get without having to report it?
    Thanks for your help!
  • Feb 1, 2009, 10:27 AM
    walt17
    If they have to file a tax return, they should report that income. If that was their only income they do not have to file a tax return. Form 1040 instructions has detailed information for who must file.

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