LLC to own boat
10-10-2007, 09:01 PM
#41
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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.
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.
10-11-2007, 08:52 AM
#42
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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.
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.
And, BTW, Steve pretty well does have it by the short hairs on a downhill pull, doesn't he?
When I grow up I want to be Steve!!
10-11-2007, 12:45 PM
#43
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Your welcome,
Just don't go hog wild
Just don't go hog wild
10-15-2007, 05:23 PM
#45
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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.
Eventhough it might be legit, it sets off the flags.
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