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My husband retired 12/15 and is now a full time writer. We…

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My husband retired 12/15...

My husband retired 12/15 and is now a full time writer. We built him a separate office (a separate building). He is undersontract for several books and is also a paid editor, but as of 2016 had not made appreciable amounts of money. Are we able to take any of the costs of the building agains pension funds received? other than his writing he has no "earned income" (only pension and SS). Can we take a loss for 2016 and lowere our total income this way?

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Submitted: 1 year ago.Category: Tax
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3/21/2017
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
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Hi. Great Question. If he is a full-time writer and has a business, he can fill out Schedule C on the 1040 return. If he had only expenses and a small amount of income, he can net it and take it off his regular personal income (i.e. pension) on his 1040. To be a business, he will need to have a net profit for three out of the five years. Since it is his first year, it is understandable that he would have a loss. He can claim the building on Schedule C, and depreciate it over 27.5 years (if you have a tax program, it will do this for you). Hope this helps. If you have any questions, let me know.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

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