Commercial Fisherman deductions

[Absolut]

Does anyone know if you can give them a say Per Diem when they're out on the boat each day lobstering or fishing? Also does anyone know about giving a Sundry on Schedule C returns?

Thank you.

[Gene V]

This earlier post might give you some answers.

http://www.thetaxbook.com/forums/showthread.php?t=296&highlight=commercial+fisherman

[Absolut]

Commercial Fisherman

Gene that didn't really answer my question. I believe Merchant Marriners are allowed to take a $3.00 Per Diem a day when they are on the boat and I was wondering if Fisherman can too.

They usually leave the dock anywhere between 4:00 - 5:00 am in the morning, and don't return until about 5:00 pm to sell their lobsters.

[Gene V]

Try this from MSSP for Alaskan commercial fishing vessel. Chapter 2.6 Meals on board.

http://unclefed.com/SurviveIRS/MSSP/

[Absolut]

Thank you Gene I'll check it out.

[Absolut]

Commercial Fisherman

Anyone out there that does returns for fisherman? Does anyone have any advise on what the Sternman/Deckhand is allowed for expenses?

I've been told they can take a Sundry, which is 1% of their earnings, is this true?