Question
How do I deal with income from a Kickstarter campaign?
I received about $10,000 from a Kickstarter campaign last year for a film I was making. The money went into a separate bank account and I kept a record of every expense the funds were used for. I used all but about $300 of the funds for the film within the year, which I've read can offset the taxes I would have to pay on the funds if I itemize those expenses. Is there any sort of tax form I should be getting from Kickstarter? And how should I be reporting this income and subsequent expenses for the production?
