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Can I deduct Guitar as a tax deduction?
Here’s what the CPA’s have to say
According to the IRS, you can deduct any expense that is related to your profession as long as it is considered common and helps you in conducting your business.
But what counts as a legitimate deduction?
If you require a musical instrument, you can deduct the cost from your taxable income. You can also deduct the cost of its repair and maintenance.
Can I deduct Guitar as a tax deduction?
As a musician, you can deduct the cost of all musical instruments you use over the course of your profession from your taxes.
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Can you claim a guitar as a business expense?
To count as a deduction, an expense has to be business-oriented or acceptable in your line of work. The IRS approves of an expense as long as it is both ordinary and necessary for your business.
So, if you are a musician, you can deduct the cost of all musical instruments you use over the course of your profession from your federal taxes. You make these deductions using IRS Form 1040 Schedule C.
What other expenses can musicians deduct?
As a musician, some of your major expenses— instruments, cases, bows, music stands even your music equipment such as computer, audio software, mic — are all deductible. Similarly, you can deduct the rent you pay for your music studio.
Who can claim musical instruments as a deduction?
Some common freelance professions where you can claim musical instruments as a tax deduction include:
Professional Musician:
As a professional musician, you can deduct the cost of musical instruments along with sound equipment, computers, and other devices. Since you are a self-employed musician, you can write off the cost of depreciation to lower the taxes you’ll have to pay.
DJ:
As a DJ you can write off the cost of instruments you use for composing a remix. Similarly, you can claim a deduction for all the equipment you use in producing music.
Music Student:
As a student, you can write off your necessary equipment purchases, including instruments, PA systems, cables, mics, music books, software packages, hardware for a home studio, and more.
Frequently asked questions
FAQs
Can an actor playing the role of a musician deduct the cost of a guitar?
Are music lessons tax-deductible for musicians?
Can a YouTuber deduct the cost of musical instruments?
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