do i claim these expenses

[luimneach1]

in 2023 i bought paints, mediums and canves with the intention of selling my work.  i have a small collection but have not yet sold.  I hope to start selling in 2024. do i claim my supplys as an expense in my 2023 tax returns?

[PatriciaV]

If you are in business and have offered your art for sale (even if you haven't sold anything), you may report these business expenses on your tax return. However, the supplies you mentioned may be considered part of the artwork you have created. And if you haven't opened for business, you would not report a business this year. Once you have advertised and/or sold artwork, you may write off the cost of the items you sell and the sales income on next year's return.

Additional Information: 

• Beginner's Tax Guide for the Self Employed 
• Tax Tips for the Self-Employed