Who Uses Thier Boat As A Write Off?
 

How's it done? What are you supposed to have in the cabin? Does it have to be written on the bill of sale when purchasing? :)

Re: Who Uses Thier Boat As A Write Off?
 

What kind of write-off are you asking about?

If you use the boat for commercial purposes, like fishing charters, joy rides, etc., yes it can be considered a business expense.

If you have a place to sleep, cook, and go to the bathroom, you can write off the interest paid on a loan secured by the boat, as second home mortgage interest(provided you don't already claim two homes). See IRS Publication 936 for more info.

Re: Who Uses Thier Boat As A Write Off?
 

I"ve been writing off the interest on mine for 10 years now. Geez, that means I'll own it in 4 more years.... anyway, I list it on the itemization sheet as "second home/boat" and simply add in the interest.

The qualifications have changed over the years, but they were:

Must be sleeping quarters on board.
Pump out head
Must be able to prepare a meal on board.
Must spend minimum of 10 nights on board

I believe the 10 nights thing has gone by the wayside. And I'm not so sure about the pump out anymore. I figure if they haven't asked me about it yet, they aren't going to.

Re: Who Uses Thier Boat As A Write Off?
 

Good info guys. I have a business but I was referring to as a second house. I may sell the business.
Can you do it at any time or only when it's purchased? What about sales tax? Any way to write it off as well?

Re: Who Uses Thier Boat As A Write Off?
 

:)

Re: Who Uses Thier Boat As A Write Off?
 

Straight from Pub 936:

"For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities."

No more, no less...the above paragraph alone determines qualifications.

Re: Who Uses Thier Boat As A Write Off?
 

Every year that you pay interest on a loan.

Sales tax can be deducted in some states by way of a new code for 2004. I was able to take advantage of the sales tax I paid for the purchase of my boat in '04.

Re: Who Uses Thier Boat As A Write Off?
 

we write off the interest every year just like it says in the posts above

Re: Who Uses Thier Boat As A Write Off?
 

i wirite off the interest as well.....

Re: Who Uses Thier Boat As A Write Off?
 

So I guess you can only use a primary home and a secondary home. No third, right?

Re: Who Uses Thier Boat As A Write Off?
 

Correct.

Re: Who Uses Thier Boat As A Write Off?
 

I believe sales tax will be a state thing. I register my boat under a corp in Delaware and don't pay sales tax (or personal property either). The info about interest is correct. I have had several cruisers in the past and wrote it off.

Re: Who Uses Thier Boat As A Write Off?
 

Correct. You would have to borrow money against one of the homes (to pay for the boat) to claim the deduction. It doesn't matter what you bought with the money, the gov. only cares what is used as collateral for the loan.

Re: Who Uses Thier Boat As A Write Off?
 

Thanks!

Re: Who Uses Thier Boat As A Write Off?
 

I sell 'Aqua-scooters' through my website and have to use my boat to carrying the scooters to a place to demo them - most times, the local party areas.:D

Write off boat payment, insurance, slip, lift, fuel, maintenance, website, dinners, etc.... and still have a fun time with the Aqua-scooter. :cool:

Its a MONEY LOSING BUSINESS....but will last three years for tax purposes. :drink:

Re: Who Uses Thier Boat As A Write Off?
 

Very nice!

Re: Who Uses Thier Boat As A Write Off?
 

Rebarbox hit the nail on the head start a bs business and write all that off. In Wisconsin you can have a business up to 5 years lose money every year after that shut the business down start a new go another 5 years I've done it since I was 20. They make the rules we find the loop holes :D :D :D

Re: Who Uses Thier Boat As A Write Off?
 

We do. And it helps recoop some moneys spent.

Re: Who Uses Thier Boat As A Write Off?
 

damm , what a deal :cool:

how can i become a dealer?

Re: Who Uses Thier Boat As A Write Off?
 

I took a home equity loan, so yes I write off all the interest.

Re: Who Uses Thier Boat As A Write Off?
 

Can't remember website, type in aqua-scooter and search. The distributer is out of AZ. They will check your area for local sales areas, usaully counties and you have to buy a min. of 4 to get them at a decent price. I bought 4 last year and will probably get another 4 - 6 this year. I was able to lock down three counties which happens to incompass ALL of Grand lake.:D

I have them listed on my website but have sold them all by just cruising around on them and people asking 'where did you get that?' :p

Plus, there GREAT beer run buggies when you need another case or two! :drink:

Re: Who Uses Thier Boat As A Write Off?
 

thanks RebarBox.
im going to look into it. :cool:

Re: Who Uses Thier Boat As A Write Off?
 

Not me..........it's saves having to answer that question during an audit

Re: Who Uses Thier Boat As A Write Off?
 

I'd like to know more about writing the taxes off on the purchase please, anyone know if this includes NJ?.....