Who can relate?

[bagman67]

In the US, anyway, if you are a musician who gets paid for gigs, you can write off your expenditures on instruments and gear - but of course, you have to report the income you make from it as well. But if you spend more on gear than you make on gigs, you have negative net income, so no income tax to pay.

*This is not necessarily competent tax advisc. Please consult with your accountant, attorney, tax preparer, or someone who knows more about these things than your loudmouth Uncle Lenny who's pretty sure the moon landing was faked.

 

[Jebberz]

The only year I had to report mor expenses than income was in 2020 - I bought a new bass just before the pandemic, so I ended up with not enough gig to cover the expenses. I go the safe way and play by the book with taxes, so I ever I'm audited, everything will be fine. Rest of my bandmates do so too.

 

[mayfly]

Hey Jebberz, what kind of band are you in? You must seriously gig every week or more!

 

[Jebberz]

Hey Jebberz, what kind of band are you in? You must seriously gig every week or more!

I play bass in a Pop/Rock cover band. We mainly do corporate events and weddings. We typically gig 2 weeks over 3 during summer, and in november/devember. It is still a leisure, but wedding and corpoprate parties pays well.

https://www.thr3some.com/

I also play keys in a Thrash Metal band, which does generates expanses instead of income, but is really fun (and with bandmated I play with since I was 13/14 years old).

Meet the Mailman

Meet the Mailman is a Thrash Metal band from Quebec City with various influences: 80’s, Metal, Thrash , Death , Progressive and Punk. Since 2008, Meet the Mailman played often sharing the stage with: Blaze Bayley, Helloween, Overkill, Anvil, 3 Inches of Blood, Goatwhore, Havok, Prong...

meetthemailman.bandcamp.com

 

[aarontunes]

In the US, anyway, if you are a musician who gets paid for gigs, you can write off your expenditures on instruments and gear - but of course, you have to report the income you make from it as well. But if you spend more on gear than you make on gigs, you have negative net income, so no income tax to pay.

*This is not necessarily competent tax advisc. Please consult with your accountant, attorney, tax preparer, or someone who knows more about these things than your loudmouth Uncle Lenny who's pretty sure the moon landing was faked.

Be aware that if you claim a loss in more than three out of five years the IRS will reclassify your business as a "hobby businesses" and you lose your ability to write off deductions.

It's a dangerous world out there folks. Let's hold hands and stick together.

 

[Rick]

Also keep in mind the pig theory ... the greedier you are with business deductions the more likely they are to examine you. For instance, if you take a deduction in some brokerage account, it better match up with what the brokerage reports.

 

[bagman67]

Be aware that if you claim a loss in more than three out of five years the IRS will reclassify your business as a "hobby businesses" and you lose your ability to write off deductions.

It's a dangerous world out there folks. Let's hold hands and stick together.

Amen, brother.