1099 reporting for rights to use artwork

August 18, 2020


Q. We paid an individual $500 for the rights to their artwork in a magazine (two illustration pieces). We have an image license agreement which grants my company a license to the images of the artwork (collectively, "Images") to use them in any and all formats and media for publication in a magazine marketed by my company. I collected the W-9 from the individual and the individual is a US citizen. Would this be considered/reported as royalty income for 1099 reporting purposes? A. (Answered by a…

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