Instrument insurance
$100-$500/yr
Can You Write Off Instrument Insurance?
Short answer: Yes: insurance on instruments used for paid work is deductible.
W-2 performers can't deduct job costs federally unless they qualify as a qualified performing artist (2+ employers, AGI $16,000 or less); 1099 gigs go on Schedule C.
Records to keep: Keep receipts, 1099s or W-2s, a mileage log, and a note of the business purpose. W-2 employees should ask about employer reimbursement.
Instrument insurance
Typical range: $100-$500/yr
Remote Workers / Freelancers / Consultants
Yes: insurance on instruments used for paid work is deductible.
Business justification
Yes: insurance on instruments used for paid work is deductible. W-2 performers can't deduct job costs federally unless they qualify as a qualified performing artist (2+ employers, AGI $16,000 or less); 1099 gigs go on Schedule C.
Category
- Write-Offs by Job