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| Boat Fishing & Boating A new forum at Striped-Bass.com for those fishing from boats and for boating in general |
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03-22-2011, 01:57 PM
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#1
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Christian's Dad
Join Date: May 2002
Location: West Roxbury, MA
Posts: 50
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Commercial and taxes
How is everyone reporting commercial slaes income? As business income or hobby income?
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"Fishing is a delusion entirely surrounded by liars in old clothes."
Don Marquis (1878-1937)
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03-23-2011, 12:05 PM
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#3
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Registered User
Join Date: Feb 2003
Location: Newtown, CT
Posts: 5,659
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Report it on a schedule C and deduct all your expenses. But if you have a loss you generally can't deduct it against your other income.
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03-23-2011, 02:17 PM
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#4
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Uncle Remus
Join Date: Mar 2003
Location: Lakeville Ma.
Posts: 14,773
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yes I have always claimed it but I have no idea what the accountant does with the info.
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"A beach is a place where a man can feel he's the only soul in the world that's real"
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03-23-2011, 05:07 PM
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#5
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Registered User
Join Date: Nov 2003
Location: On my boat
Posts: 9,703
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What Mike said, schedule C
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LETS GO BRANDON
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03-24-2011, 07:54 AM
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#6
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Christian's Dad
Join Date: May 2002
Location: West Roxbury, MA
Posts: 50
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Thanks. Will do schedule C.
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"Fishing is a delusion entirely surrounded by liars in old clothes."
Don Marquis (1878-1937)
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03-25-2011, 10:18 AM
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#7
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Registered User
Join Date: Sep 2003
Location: Rockland, MA
Posts: 651
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"if you have a loss you generally can't deduct it against your other income." Best to talk with a tax accountant on this.
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03-25-2011, 03:52 PM
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#8
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Registered User
Join Date: Nov 2000
Location: Warwick RI,02889
Posts: 11,786
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I have no problem when I,ve had a loss /
front page .. <9999999>
Creative accounting is the term we use ><>lol  |
ENJOY WHAT YOU HAVE !!!
MIKE
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03-25-2011, 03:53 PM
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#9
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Registered User
Join Date: Nov 2000
Location: Warwick RI,02889
Posts: 11,786
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oh ,
But I got audited once .. & that,s worse than a horror show .
They don,t just check what was flagged / but the whole return .. you may not want to go there ;;;;;
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ENJOY WHAT YOU HAVE !!!
MIKE
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