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Can i deduct money pd toward her business expenses? i never received a return on the amount spent
My wife is a hair dresser, she rents a chair at a salon, I have helped with her chair rent, and purchased products for her business. I have all my receipts.
May 31, 2019
2:36 PM
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Deductions & credits
Are you filing a Joint return? She can probably put the expenses down on her schedule C for self employment.
June 7, 2019
3:17 PM
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Deductions & credits
No, you may not deduct any of those expenses, on your tax return, because they were not expenses related to the production of your taxable income.
You wife may still deduct the expenses on her return (schedule C), under the theory that you paying the expenses amount to a gift to her. So, it was, for tax purposes, her money that paid the expenses.
June 7, 2019
3:17 PM