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Level 1
posted Oct 25, 2023 2:34:59 PM

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

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. 

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1 Replies
Employee Tax Expert
Oct 25, 2023 3:13:06 PM

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.