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IRS Regulations For Song Sales Tax Treatment
The Internal Revenue Service (IRS) has issued proposed and temporary regulations specifying the time and manner for electing to treat the sale or exchange of “self-created” musical compositions or copyrights as the sale or the exchange of a capital asset resulting in a potential capital gain.
The regulations reflect changes made by the Tax Increase Prevention and Reconciliation Act of 2005 (Tax Increase Act) and the Tax Relief and Health Care Act of 2006 (Tax Relief Act). The sale or exchange of musical compositions or copyrights in musical works created by the taxpayer previously resulted in ordinary income. Currently, ordinary income realized by an individual is taxed at a maximum rate of 39.6%, while capital gains realized by an individual from the sale or exchange of a capital asset are taxed at a maximum rate of 15%.
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