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April 14, 2021
Question

Musician for many years, due to Covid no income from music last year, can I still take deductions?

  • April 14, 2021
  • 1 reply
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My husband has been a professional musician for many years. Due to Covid in 2020 he did not make any income from music. He has painted houses as his main business for a few years now and has only done music part time. We normally claim his painting business as his primary business and income and then an additional business as a musician with that part time income. This past year he did not take in any money for music; however, he still had expenses. For example, an amp needed repair, he bought some recording software in an attempt to do work remotely (which didn't work out). Should I list the "musician" as a business with no income and just list the expenses - as a loss? Will that trigger anything or be a red flag?

1 reply

RayW7
April 14, 2021

If you were actively engaged in your trade or business but didn't receive income, then you should file and claim your expenses.

 

You should still file, even if you haven't received income yet. You can show a loss on Schedule C when filing taxes with no income to offset other income.

 

-follow these links for additional information-

What Is a Schedule C IRS form? - TurboTax Tax Tips & Videos

Reporting Self-Employment Business Income and ... - TurboTax