Yes, you can record all your expenses for this income. If you received a 1099-Misc, with Box 7 income, you are considered to be an Independent Contractor or Self-Employed by the IRS. You need to put the income on Schedule C.
Box
7. Shows nonemployee compensation. If you are in the trade or business of
catching fish, box 7 may show cash you received for the sale of fish. If the
amount in this box is SE income, report it on Schedule C or F (Form 1040), and
complete Schedule SE (Form 1040). You received this form instead of Form W-2
because the payer did not consider you an employee and did not withhold income
tax or social security and Medicare tax.