Taxes and Boat Question
04-11-2003 | 12:38 PM
#11
Platinum Member
Joined: Dec 2002
Posts: 15,270
Likes: 21
From: Burlington, VT
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!
04-11-2003 | 12:48 PM
#12
Registered
Joined: Feb 2001
Posts: 513
Likes: 1
From: EGG HARBOR TOWNSHIP, NJ
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
04-11-2003 | 04:33 PM
#13
Charter Member
Joined: Jan 2001
Posts: 7,663
Likes: 2
From: Edgerock Baby!!
I hereby offer to take care of anyone's ex race boat that they can't sell. Leave it as is with engines, drives, etc, and I will be happy to drop by and pick it up-just leave the keys in the ignitions so I can find them
