Film Expenses

[GGRIG]

 Can I deduct film production expenses towards crowdfunding income? 

I sent 1099 forms to state, IRS and the freelancers who were paid more than $600. Do I need to mark this anywhere on my actual tax return or is sending those forms all I need to do when it comes to issuing/reporting 1099's.?

[Vanessa A]

Yes, if your crowdfunding is taxable (business income) because you gave something in return for the funding, then you would be able to deduct the film production expenses (assuming they had something to do with the income) as an expense. 

When you do your return, you will enter the amounts you reported to the IRS that you paid to the freelancers under Contract Labor.  To get to the contract labor in the business expense section under Other Common Business Expenses.

Where do I enter my Business expenses