I am starting a YouTube channel and will obviously have expenses incurred for camera equipment, etc. However, my channel will not be monetized for some time. Can I still deduct my expenses even though I know this business will not produce income for a while (could potentially be multiple years).
Yes, you can deduct operating expenses for your business even if you do not have income reported. If you have start-up costs, those are handled a little differently, but normal operating expenses can be deducted on Schedule C.
When the IRS Classifies your Business as a Hobby. Review this document, it provides information you need.
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