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I am a writer and Ive been asked to read a chapter of my latest

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I am a writer and...
I am a writer and I've been asked to read a chapter of my latest children's book to a 3rd grade elementary school. I plan on giving @80 copies to the children for free (the book retails for $10) How much of a tax deduction can I take?
Submitted: 6 years ago.Category: Tax
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Answered in 1 minute by:
4/1/2011
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 6 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Hi and welcome to JustAnswer:

 

As the sale of the book would be ordinary income you, your deduction is the value of the book less the profit you would receive on the book. Thus, your deduction is limited to your actual cost of the book.

MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
Verified
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MequonCPA
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Category: Tax
Satisfied Customers: 2,342
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Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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