Taxes and Boat Question
#11
Platinum Member
Platinum Member
Originally posted by PhantomChaos
Straight from my tax people about depreciating my boat:
Only if it is used to generate income, like rental income, racing winnings, drug trafficking etc.
Straight from my tax people about depreciating my boat:
Only if it is used to generate income, like rental income, racing winnings, drug trafficking etc.
I'd be careful, that "drug trafficking" revenue stream might be looked at by other governmental entities however, at least when there's a bust you can tell them your clean with the IRS!
#12
Registered
ron's
your absolutly wrong. ask your accountent. first of all poker running is not racing. if you sponsored a race boat yes but poker run no. your bussiness must be marine related.
Treadwell
your absolutly wrong. ask your accountent. first of all poker running is not racing. if you sponsored a race boat yes but poker run no. your bussiness must be marine related.
Treadwell