Originally Posted by kreed

Your welcome Scot................

http://www.offshoreonly.com/classifi...o37825-en.html


Maybe pick this up for 30K??

Originally Posted by 4195

Easy to say but that will limit some to what they can get. For me it is the smart money buy. I write my boat off though my business( I do take clients out often). So I need to take the interest minus my deductions and beat that number with my investments. In the end I can buy more boat then I would if I paid cash, because like Scot is seeing I would never take $120k from my future and plunk it down on a depricating asset. My Cafe was paid off but I owed $9k on my home equity. So when it sold I paid that off. My guess is many have credit card debt that is staggering. Most CC debt is between 13-20% and no write offs. I have not had any credit card debt in 15 years. I pay that thing off every month. But like I said the boat I will not own for 20 years and won't pay this off, so for me and my situation this makes the most dollars and sense. At least I can point to the boat and say that is what I owe the money on and it still has a value. From what I see at work there are many with credit card bills that equal the price of a car and they can not tell me what it was all spent on. If boat loans where in the 9' this would never work for me nor would own the boat I do now, I would have gladly kept the Cafe. And for the record the only reason I bought the Tiger was because Scot told me too . Scot I know you can find something nice and cool for $50-$70K, but it will most likely be a bravo boat, but then again I don't see that as a bad thing.

Originally Posted by JayFan

You take the whole boat as a business expense Frank? My accountant literally laughed at me when I asked him if we could do this. He said we can take the "interest" (second home) but not the whole boat. He said that would be a MAJOR red flag for the IRS. I told him about taking "clients" out etc etc etc.... but he again laughed.

Originally Posted by 4195

I take the boat as a whole with all the expenses and write a portion through the business. So we are talking gas, rack, insurance and then my accountant includes it as a business expense. I also take clients out every week to so drinks meals etc. This is the only time being self emplyoeed works in favor by the way. I do not have the luxury of a cash business like some people. Kreed that cat is kick A$$ nice find it needs steering drives exhaust and some ponies. Some one could be it that boat boat for $80k with mild power.

Originally Posted by moses0324

definately doesnt sound legal...i know many company owners whom have a hard enough time writing off company delivery vehicles as a business expense let alone a go-fast boat...sounds sketchy to me.

legally in writing...it doesnt sound as though the boat has anything to do with your business. taking clients out in it simply wouldnt suffice in my opinion. Sounds like you have a crooked accountant.

i.e. a law has just been passed that no longer allows pharm reps to wine and dine docs as a business expense...sounds like a similar case...