To start with you really need to talk to a local tax pro to get educated in these situations you find yourself in ...
1.) I've contributed a cash investment to a film that has not released yet. I'm a limited partner in the LLC as an investor and will be receiving a K-1 form. Should I put my cash investment on the Schedule C of expenses or will the info I enter from the K-1 form cover it? I'll be electing Section 181 via the "Miscellaneous Statement Form" so I just want to make sure I'm not double dipping anywhere. If you are a partner then you have contributed cash into the business which increases your basis in the company. The partnership should be filing a 1065 and all the partner's will get a K-1 form to report their share of the income and expenses on their personal returns. Do NOT put any of this on a Sch C on a personal return.
2.) Separate from the investment side, I'm also part of the Production Crew for the same film. The film has not released yet so I do not have any income to declare. However, I have expenses including camera gear, mileage, meals etc that all have contributed to my role in making of the film. Do I still qualify as self-employed to deduct these items as expenses under Schedule C since the K-1 form will only include my cash investment amount? Now ... if you are saying that the partnership is employing a business you own as a sub contractor ( a partner can never be an employee of the partnership) and the partnership will issue your separate business a 1099-NEC when they eventually do pay out then you may be able to file a Sch C with no income if you already have an ongoing concern. If not your expenses will be limited to $5000 of start up costs ... time to get educated ... here is a good start ...
If you are new to being self employed, are not incorporated or in a partnership and are acting as your own bookkeeper and tax preparer you need to get educated ....
If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income. So you need to keep your own good records. Here is some reading material……
IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center
Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf
Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf
Home Office Expenses … Business Use of the Home
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
https://www.irs.gov/pub/irs-pdf/p587.pdf
Publication 946 … Depreciation
https://www.irs.gov/pub/irs-pdf/p946.pdf
