Solved: I did commercial fishing as an independent contrac...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
sfgal13
New Member

I did commercial fishing as an independent contractor. Where do I enter expenses, like commercial fishing license, trapping license, and other licenses I had to purchase?

 
1 Best answer

Accepted Solutions
HelenC12
Employee Tax Expert

I did commercial fishing as an independent contractor. Where do I enter expenses, like commercial fishing license, trapping license, and other licenses I had to purchase?

If you're an independent contractor, the IRS considers you as having your own business. You would enter your income and expenses on your Schedule C (Form 1040), Profit or Loss From Business. You can use the expense categories listed on Schedule C and for those expenses that aren't listed, enter them as Other expenses.  

 

To enter your income and expenses, see Where do I enter my self-employment business expenses, like home office, vehicle mileage, and suppli...

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
HelenC12
Employee Tax Expert

I did commercial fishing as an independent contractor. Where do I enter expenses, like commercial fishing license, trapping license, and other licenses I had to purchase?

If you're an independent contractor, the IRS considers you as having your own business. You would enter your income and expenses on your Schedule C (Form 1040), Profit or Loss From Business. You can use the expense categories listed on Schedule C and for those expenses that aren't listed, enter them as Other expenses.  

 

To enter your income and expenses, see Where do I enter my self-employment business expenses, like home office, vehicle mileage, and suppli...

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings