Yes, Section 181 is still valid for 2024. It allows you to deduct the costs of qualified film, television, or live theatrical productions in the year the expenses are incurred. According to the IRS Schedule C instructions for 2024, you can claim this deduction under "Other Expenses" in a Turbo tax premium or Home and Business return.
Yes, you do need to attach a statement to the return as the IRS Interim Rules states. it states, "For each production to which the election applies, a taxpayer should attach a statement to the return for the taxable year in which costs of the production are first paid or incurred stating that the taxpayer is making an election under section 181 and providing the name (or other unique identifying designation) of the production, the date principal photography commenced (if applicable), the cost paid or incurred for the production during the taxable year, the qualified compensation (as defined in section 181(d)(3)) paid or incurred for the production during the taxable year, and the total compensation paid or incurred for the production during the taxable year. If the taxpayer expects that the total cost of the production will be significantly paid or incurred in an area specified in section 181(a)(2)(B), the statement also should identify the area and the cost paid or incurred in that area during the taxable year".
There are more specific rules listed in the IRS link I provided above. Please read this carefully!!.
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