Taxes and Boat Question
04-11-2003, 11:42 AM
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East Coast B,
The issue of interest on a boat has been discussed many times. You should be able to find it doing a search.
I am simply trying to determine how to write off the loss of my second home (in this case a boat).
The issue of interest on a boat has been discussed many times. You should be able to find it doing a search.
I am simply trying to determine how to write off the loss of my second home (in this case a boat).
04-11-2003, 11:52 AM
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in my case because i race every year i get to depreciate the boat untill eventually it cost me nothing. that's why you see a lot of rich people give away there boats to charity's and what not. if i were to sell the boat then i would have to pay taxes on it. that's why you see a lot of old race boats in people back yards.
if you work it as a second home then only the intrst is a write off. the only loss you could incurr is if let say it is valued at 100,000.00 then you sell it for 80,000.00 then you could write off the 20,000.00
also you you come up with the bright idea of taking your bussiness and putting it on the side of the boat that will not work unless you bussiness is directly marine related.
what you can do is buy the boat in the bussiness name and write it off as an expense. such as taking out clients. but you have to have the write bussiness to do it.
Treadewll
if you work it as a second home then only the intrst is a write off. the only loss you could incurr is if let say it is valued at 100,000.00 then you sell it for 80,000.00 then you could write off the 20,000.00
also you you come up with the bright idea of taking your bussiness and putting it on the side of the boat that will not work unless you bussiness is directly marine related.
what you can do is buy the boat in the bussiness name and write it off as an expense. such as taking out clients. but you have to have the write bussiness to do it.
Treadewll
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04-11-2003, 12:19 PM
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On the other hand, if your company pays sponsorship money to run your boat in a pokerrun as a means of advertising it does'nt matter what your business is. Its the same as sponsoring your own race car.
04-11-2003, 12:23 PM
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Originally posted by Treadwellmotorsports
the only loss you could incurr is if let say it is valued at 100,000.00 then you sell it for 80,000.00 then you could write off the 20,000.00
Treadewll
the only loss you could incurr is if let say it is valued at 100,000.00 then you sell it for 80,000.00 then you could write off the 20,000.00
Treadewll
I'll assume no for now.
