Claiming costs of self-publishing

My co-filer self-published a book and will be receiving some royalties in 2022. What must be done to claim the $7,000 publishing costs as an expense to be sued against income in the future. (That also means capitalizing some of the $7,000).

Thanks.

121

Expert Alumni

Oct 27, 2021 10:21:13 AM

Scoots1947 and co-filer,

That is pretty amazing you self-published! Welcome to the world of the Self-Employed.

Do they plan on publishing others work as well or only their own? The only reason I ask was if that would be a second business aside from writing. If they were going to continue to write and self-publish then they can be combined in a single business.

We already have some great articles that help you determine which expenses What self-employed expenses can I deduct? and how to report them on your taxes Where do I enter my self-employment business expenses, like home office, vehicle mileage, and supplies?

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Claiming costs of self-publishing