Welcome everyone and thanks for joining us today! This PowerPoint will be made available via PDF to everyone after the webinar as well as a replay of this entire presentation!

Please post your comments or questions here!

if you have more deductions than income, do they carry over if you decide to deduct in the purchase year?

584-B IRS Form

Thanks everyone!

We'll come back to your question Johnathan, thanks!

About home studio - I have a home studio and office, but also had an off-site studio, which I lost in the fires… So I can’t deduct both?

It was primarily used as storage….

That's a great practice Krislyn! Keep track of the use of materials and the value of them for each art work is important. This is your cost of goods, which will be much less than what you sell the piece for. FOr insurance claims, you need to keep records of this and maintain a history of your sales if you wish to recover a piece that was lost, damaged or stolen. If you don't keep a sales history, you can only put a claim in for the cost of materials used to create the piece!

Thanks everyone! We'll follow up with a quick survey to get your feedback, a replay link to this webinar, and an email from Elaine with a PDF of this presentation! Thank you for joining us and Happy Taxes!

Thank you very much!