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You ever sell this boat?
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You ever sell this boat?
Crappie Wall Hanger II
The boat is still for sale... still never been used.
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Trophy King
Does this model have 3 seat across front deck standard?Originally Posted by High Tide
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Crappie Wall Hanger II
Thinking pretty hard.........looking at distance, zip code please
Crappie Wall Hanger II
Yes, three seat posts... zip code is 46062.
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Crappie Wall Hanger II
Speaking of taxes, will you have to recognize this sale (when it occurs) as income or a gain or how is that treated?
I want to be prepared!
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Crappie Wall Hanger II
Without saying to much, you have options when you're a tournament angler... oddly enough, sometimes it's better to consider your tournament fishing as a hobby not a job/company, which quite frankly, it is because it's not a full time job. When you take into account what it cost traveling the country fishing, you're in the red with your hobby even when you win a boat. I'm also a paid outdoor speaker, so I considered making fishing a business for tax reasons, but to my surprise it wasn't going to be beneficial because it was added "income". Now if you'd follow a tournament trail, and don't cash checks, and it's your full time job, you should definitely create a business.
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Crappie Wall Hanger II
Sorry to hijack the boat post again (but at least it gets bumped again).....I have linked a decent article that explains business vs. hobby below but coming from a background of accounting and personal taxes in the past, the rule of thumb is you treat all winnings, etc. as income on a return. Same thing as when you go to a casino and say win $10k....you can bet you have to report it. But on the flipside there are instances where you can show your "losses" at casino for the same year and help cancel some of the income out. There are tons of scenerios and always best to speak to a CPA if you aren't sure.
When Does A Hobby Become A Business?
