Just a very brief heads up, as we plunge into tax season, on chance there might be one or two royalty owners who are not yet aware:You will need also to file Schedule 1 this year if you are reporting 2018 royalty income on Schedule E. Schedule E for 2018 is very similar to what we filed in past years. Schedule 1 is entirely new. You must file both Schedule E and Schedule 1 to report your 2018 royalty income.
i saw the subject line "Schedule 1" and i thought shinobi was discussing hemp being removed as a schedule 1 drug. unbelievable that hemp was ever listed as schedule 1. the DEA is so incompetent.
K12,You have a very interesting way with words. Liked reading your response. I agree my response was way off base on the tax issue. Yes, congress was the one that ignorantly passed the laws declaring hemp schedule 1, but it was the DEA, law enforcement, lawyers, and judges that went ballistic on enforcement (entrapment, seizure, and ridiculously long sentences) regarding marijuana and in the process ruining the lives. Now that we are moving toward legalization, they are now trying to make up for their wrongs by forgiving criminal records for marijuana convictions.On points 2 and 3: marijuana and alcohol are not equivalent. Alcohol is much more addictive and destroys a lot of careers, families and lives. Not so much for marijuana. I thank the lord every day that I do not have the addictive gene. I have never tried marijuana and never will. I do own some hemp and marijuana stocks. I have used alcohol many years ago, thanks to the military culture encouraging alcohol, but that was a long time ago.I certainly donít encourage alcohol or drug use but at least when marijuana is legal, law enforcement wonít be able to entrap young people and seize their property, lawyers wonít be able to rape their parents of money for lawyer fees, and judges wonít be able to destroy their lives.