Tax Breaks and Boating

[The Bill Collector]

What was your motivation for getting the license?

Education was a huge factor and the possibility of having a small charter business on the side interested me also...

You gotta like it when someone else is paying for the diesel !

 

[Nacho Boat]

I was thinking of getting my Captain's license and starting a charter business on the side. That way when I take the guys on weekend boating trips, I can charge them for gas.

The business would never be profitable, so I would think I could write off the gas, slips fees, maintenance, etc.

I will talk to my tax guy about this, but was curious if anyone here has done something similar or has any input.

I am probably not qualified to give advice on this, but will anyway (hey, it never stopped me before....).

If you start a "charter" business, this will definately impact your insurance, your liability and (if you have financed your boat) could also impact your boat loan. None of these would be positive impacts, and could cause you a lot more problems.

Again, just my 2 cents........:thumbsup:

And now we return to our regularily scheduled program! Have a great day!!!!

 

[Jack F]

Does having your Capt lic make you more responsible in the eyes of the authorities in an accident, meaning you should know better than someone with out it?

I was told by a commercial fisherman that unless you need it for work it could be held against you if you were in an accident, just wondering.

 

[searaycruisn]

When you start a business, you have the duty to demonstrate that you have a profit motive. In other words, do not start a business if you do not intend to make money....that is a hobby. The facts and circumstances of your venture will dictate if you are opening a business, or starting a hobby.

Losses from a business are deductible. Losses from a hobby, are not.

 

[Turtlesboat]

I want to open a "female sex therapy" service to write off all of my GF's expenses.

 

[r_moss]

Check this out. Here is a local family that figured out how to pay for their boating and have quality family time together. I bet it is a great tax deduction to boot.


http://www.qctimes.com/lifestyles/r...cle_2a481e84-bf32-11de-9a3b-001cc4c03286.html