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Heartlander · 80-89, M
He probably received a massive advance from the publisher which he booked as a liability, which means he won’t pay taxes on the advance until royalties produce income, which may never happen. If it does somehow happen, he will just write another book and receive another advance.
cherokeepatti · 61-69, F
@Heartlander money laundering ?
Heartlander · 80-89, M
@cherokeepatti They get the money up front, but it's not taxable because it has yet to be earned. So they count it as a liability, money they owe the publisher pending sales. When the Bidens release their 1040s to the public it will probably have but a single entry for royalties. All the details about the advances will be buried in the publisher's records, including where the publisher got the millions from to advance it to the Bidens.