I buy and resell used boats as a hobby but with intentions to make money. Do I have to claim?

Do I have to claim taxes on the profits I make in NH? Everything is a cash deal and does include a bill of sale. The sales of boats are all under $3,500 per boat. Thank you.|||According to IRS rules - a hobby for profit is not a hobby - it is a business





Whatever profit you make is reportable income and fully taxable





Your explanation won't stand up for an audit|||You under estimate the IRS - but your question was "is it taxable"





You would need to pay estimated payments each quarter of 20% to IRS under your regular


SS #





In an IRS audit - they value everything in assets you have - Home, auto, anything of value


don't get caught short

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