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Schedule C filing

Dkaphillips — Thu, 14 May 2020 20:34:39 GMT

As a theatre director, my husband has always filed a Schedule C and taken expenses. This year he has no income as a director, but still has expenses. Can we still file a Schedule C?

Re: Schedule C filing

BillM223 — Thu, 14 May 2020 20:52:58 GMT

Yes.

You are not required to show net positive income every year on your Schedule C. But understand that if you repeatedly show a loss on your Schedule C, the IRS may start to wonder if you are in business for profit or if this is just a hobby.

Re: Schedule C filing

Bsch4477 — Thu, 14 May 2020 20:55:02 GMT

Yes, you can deduct expenses and have a net loss if he made a bona fide effort to make a profit. Otherwise the IRS could consider the activity a hobby and disallow expenses.