All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

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Pioneer
Posts: 2
Registered: ‎01-23-2018

videographer/photgrapher -is it possible to claim cancellations as a loss?

I am a videographer/photgrapher. Is there anyway to claim cancellations as a loss? I had three cancellations, totaling a loss of several thousands. Is there a way to claim this loss as a deduction?

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Trusted Council Member
Posts: 6,191
Registered: ‎02-23-2016

Re: videographer/photgrapher -is it possible to claim cancellations as a loss?

[ Edited ]

HI The4thjames,

 

 

 

Welcome to the H&R Block community.

 

No, you cannot deduct anything solely because someone cancelled on you.

 

However, you can still deduct any expenses you incurred, such as things that you had to purchase for the work, even though you didn't earn any revenue out of it.  Note that the cost of capital assets such as a camera must be depreciated over time rather than being deducted in full in the current year.

 

 

If you have any other questions I'll be glad to help.

 

Louis,

Senior Tax Advisor (Tampa, FL)