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My son is 5 and signed with an acting agent in mid-2009. We

My son is 5 and...
My son is 5 and signed with an acting agent in mid-2009. We spent around $4000 on photos, trips for auditions, etc. He did not earn anything throughout the year. Can my husband and I deduct these expenses on our tax return? If so, do we claim them as a business expense?
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Answered in 11 minutes by:
4/1/2010
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello JA,

 

You cannot actually claim these expenses as your own deductions against your own income.

 

You would actually have to file a return for your son since he is the one who would eventually be receiving the income from this "business" activity. But since your son did not actually have any income for the year, then he really has nothing to apply these deductions against. However, these can all be considered start up costs for his business for if and when he does start receiving income from this business venture. When that happens, you may claim start up costs from prior years at that time on a return which you will file to report any income he earns.

 

If this was helpful please press the Accept button.

 

Thank you JA

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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