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We are both over 65. We are both writers and work in p.r. and theater. My spouse is showing a loss this year; I am showing a profit. Since we are filing with combined incomes can I use misc. expenses that aren’t benefiting us on his Q&A, but would benefit our combined income if they show on mine? Our travel and meals, for example, are combined anyway as we both work in the same field and meet the same producers, clients.
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You can only take expenses that belong to you on your own Schedule C. While things else such as stock sales and interest income can be considered as belonging to both of you, your self-employment income and expenses are your own. Your self-employment tax is contributed to an account that belongs to you.
HIs loss and your gain will be combined on Line 12, Schedule 1.
You can only take expenses that belong to you on your own Schedule C. While things else such as stock sales and interest income can be considered as belonging to both of you, your self-employment income and expenses are your own. Your self-employment tax is contributed to an account that belongs to you.
HIs loss and your gain will be combined on Line 12, Schedule 1.
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