I produced an Ultra Low Budget film this year. I am working on the LLC schedule C now. Is the section 181 film deduction still used for this year? Do I need to attach an explanation in forms? I am considering hiring someone at Turbo Tax to help, but so far I just have a few questions and think I can maybe do it myself with a little guidance. I am hoping I can find help here.
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According to the IRS Schedule C Instructions for tax year 2024, the section 181 expense is still valid when entering the expense on Line 48 Other Expenses.
Go to IRS Schedule C Instructions for tax year 2024 page 18 - https://www.irs.gov/pub/irs-pdf/i1040sc.pdf#page=18
Film and television and live theatrical production expenses. You can elect to deduct costs of certain qualified film and television productions or qualified live theatrical productions. See section 181, for details.
According to the IRS Schedule C Instructions for tax year 2024, the section 181 expense is still valid when entering the expense on Line 48 Other Expenses.
Go to IRS Schedule C Instructions for tax year 2024 page 18 - https://www.irs.gov/pub/irs-pdf/i1040sc.pdf#page=18
Film and television and live theatrical production expenses. You can elect to deduct costs of certain qualified film and television productions or qualified live theatrical productions. See section 181, for details.
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