Offshoreonly.com - LLC to own boat

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Texoma Quote:
Can't wait to see the boat if its worth setting up an LLC for

Where are you going with this?

The boat is a 01 382 Formula purchased from the OSO classifieds. It is nowhere near the cost of a 50' Nortech, but in my position now, it is enough to justify what I am talking about doing.

Quote:

Originally Posted by TexomaPowerboater (Post 2302055)

BUT - I would recommend a couple of other options.
1) If you are entertaining a client on a boat ride I don't see anything wrong with deducting as entertainment the cost of gas, booze, but not the whole boat.
2) If you are in a poker run and you promote your business as a sponsor in the poker run, then I don't see anything wrong with deducting all the expenses of the poker run. Maybe even slap on a vinyl banner of your business. That would be more like advertising or business promotion rather than entertainment, of which 50% is disallowed.
3) If your OSO Steve - then you've got it made and katy bar the door for all business/boating assets and expenses.

Thanks, Texoma. Those are all excellent suggestions. That's the kind of info I was looking for and makes much more sense than listing the vessel as an asset.

And, BTW, Steve pretty well does have it by the short hairs on a downhill pull, doesn't he?:D When I grow up I want to be Steve!!:party-smiley-048:

Your welcome,

Just don't go hog wild:D

Decided not to go with the LLC. Purchasing personally. How much insurance liability coverage are you guys buying?

putting a boat on the books of any company (not boating related) is a red flag with the IRS plain and simple.

Eventhough it might be legit, it sets off the flags.