jbknight23
New member
This is in Florida.
I recently had a video go viral. A licensing company is going to pay me 70% of the revenue of whatever they sell the video for. I'm splitting this 50/50 with the person in the video (I took the video of a friend). They have agreed to this and have signed a media release.
How does income tax work? The company is paying me directly and then i'm giving 50% of what i receive to my friend. Will it be taxed twice? Is there a way I can only report the 50% that i'm keeping and they report their 50%?
I'm worried that i'll be taxed on the whole amount, making my take significantly less than 50%.
I recently had a video go viral. A licensing company is going to pay me 70% of the revenue of whatever they sell the video for. I'm splitting this 50/50 with the person in the video (I took the video of a friend). They have agreed to this and have signed a media release.
How does income tax work? The company is paying me directly and then i'm giving 50% of what i receive to my friend. Will it be taxed twice? Is there a way I can only report the 50% that i'm keeping and they report their 50%?
I'm worried that i'll be taxed on the whole amount, making my take significantly less than 50%.