Offshoreonly.com - How do you write your hobby off to your business?

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Quote:

Originally Posted by NORTECH-ANGLER (Post 4182066)

I have opened up a llc for boating dealership. But, speaking to others that have done this in florida it's not very successful. I hear this has been a huge issues with all patrol. I have heard that patrol watches all boaters registration numbers. If, they notice you boat more than 90 days in florida regardless of whether or not you are a TRUE dealer of not they will slap a sticker on your boat giving you x amount of days to register your boat and pay the taxes due or remove it from florida waters.

This loop hole is a huge revenue issue with the state of florida. Everyone is going all out to get any and all money they can from everyone.

A. FL isn't chasing FL sales tax that hard, they actually limit sales tax on any boat to 18K. Buy a 300K boat, tax is 18K, buy a 10mm yacht and sales tax is 18K. The reasoning is too many boats were being registered in the Bahamas to avoid the tax so why not let them register here and collect something. Also, FL charges no sales tax on used outboard powered boats, just the hull when bought from a private party. 100K used boat, value the hull at 25K and you only pay 6% on the 25K, rest of the boat is used parts even if it has brand new triple 300's.

SC takes this approach a bit further, sales tax on any boat is $300 but you have a use tax so you have to get the boat out of state or you get hit with the use tax.

a lot of my expense on the boat is entertainment...I have the added advantage of running a wet mining company so I do a lot of marine related repairs and replacement here...:party-smiley-004:...no rule says I can't have a powerboat as a dredge tender is there??? :confused::drink:

Quote:

Originally Posted by buck183 (Post 4182005)

Enlighten me. Did you throw a dart at a large map of the US and hit that state, or is there something significant about Montana?

Buck

Read this:
http://www.thetruthaboutcars.com/201...ontana-plates/

It's a "trend" around those that collect cars.

I don't have an exotic collection, but am looking at alternative choices compared to dealing with Virginia DMV all the time with the 7 we have on the street right now; as well as inspections, and personal property taxes.
Also, I like some of the Montana license plate designs/colors better, (yes, I am that vain).

Montana plates are big with the motorhome crowd too. We have a LLC in Montana.

Quote:

Originally Posted by LAriverratt (Post 4182110)

if you get audited there is no way you will convince them your Skater is any kind of working tender and you will be f'ked!

Speaking as a former Skater owner I think it's fantastic tender for the mega yacht owner who needs to maximize his time. :angry-smiley-044:

Quote:

Originally Posted by pstorti (Post 4182252)

if you get audited there is no way you will convince them your Skater is any kind of working tender and you will be f'ked!

A quick way to shuttle VIP back and forth. Kinda like the the govmt buying $70000 tahoes instead of $25000 cars to conduct their business.

Quote:

Originally Posted by jstrahn (Post 4182037)

Our there's always the novel idea of going by the book and paying your taxes. Just a thought.

GTFO :picard1:

why would anyone be dumb enough to do that.....so the government can take the money and waste it on someone or something or some rule that will cost even more money

if "the book" has convoluted rules and you follow the rules in "the book" to your advantage then you should do that every chance you get

We call it "Optimizing" :daz:

All I can do is laugh at some of these comments...