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If I have a monetized youtube channel but do not make the minimum $400 a year which requires me to report to the IRS, can I still report my earnings and write off products I use in my videos?
My channel is a photography-based channel where I would use various products in my videos to shoot and make prints to show my subscribers the in and outs of the processes I use. I don't make a lot of money from the channel but I'm treating it as a business with the intention of making a viable source of income. My problem is that it currently is not a sustainable business but a business nonetheless.
Is the minimum 400$ income requirement necessary to claim deductions on supplies and other expenses? Or am I able to claim these deductions regardless of income amount? And if I am able to claim these deductions, am I still able to sell the prints that I make using the material?
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‎February 26, 2021
9:42 AM