Q. Can I deduct my tools if I am an W2 employee who is also 1099'd for part of my income?
A. Yes, if the 1099 payer is a different company than the W-2 payer.
You would have to prorate the expense. For example, if you use the tool on both jobs, and your 1099 is 10% of your income, you only deduct 10% of the tool cost on your Schedule C.
