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I have been writing literature/scripts on one subject and…

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I have been writing literature/scripts...
I have been writing literature/scripts on one subject and have accrued expenses but have not sold anything. Can I deduct such expenses as books, trips, researcher and editor or do I have to wait until the items are sold? I am submitting scripts to another writer for opinion on how best to get it accepted.
Submitted: 1 month ago.Category: Tax
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Answered in 2 hours by:
3/23/2018
Tax Professional: emc011075, Tax adviser replied 1 month ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,595
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

It depends if your activity is considered a hobby or a for profit business. Can you tell me more about it?

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Customer reply replied 1 month ago
Profit. I have written to publish and for television. It is not a hobby but it is a sorry source of income. So far I have expenditures and no revenue.
Tax Professional: emc011075, Tax adviser replied 1 month ago

Ok. As long as the activity is profit oriented and it will generate profit in next couple of years you can deduct your expenses. Since you did not have any revenue it is important that you properly document all your expenses, you are deducting, especially travel expenses and anything that could potentially be reclassified as personal.

IRS publication 463 is related to business travel and entertainment expenses: https://www.irs.gov/pub/irs-pdf/p463.pdf

Article related to recordkeeping

https://fa-cpa.com/substantiation-for-business-travel-meals-and-entertainment-expenses/

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Tax Professional: emc011075, Tax adviser replied 1 month ago

Any questions? Is there anything else I can help you with today?

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