topic I put a bunch of money into trying to get a second income work going in Get your taxes done using TurboTax

I put a bunch of money into trying to get a second income work going

Oucymichelle — Tue, 24 Feb 2026 07:32:55 GMT

How do I claim losses from trying to get a commercial fishing boat in shape to fish to make money - which failed. Ended up having to give the boat away and eat all the money I put out for repairs, traveling back and forth and my time.

Re: I put a bunch of money into trying to get a second income work going

RSUMan — Wed, 25 Oct 2023 22:13:06 GMT

The key factor is whether you were "in business" while working on the commercial fishing boat.

I am assuming this was your business alone and that you would file as a sole proprietorship on Schedule C. You would enter all the expenses you incurred. The commercial fishing business would show a loss for 2023.