tax write-off

jim_m5 said:
I am new to cruising, just bough the 260 DA in June. I understand you can write off the interest as a 2nd home since it has a head and over night sleep accomodations. But what else can you write-off (e.g. Slip fees, maintenance, etc). Any tax experts here or people of experience?
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If using the boat for pleasure nothing else that I am aware of. In VA we can submit a refund form to the DMV every year to get 17 cents a gallon back on our fuel for the road tax.
 
Nothing! Take no advice on this topic except from your professional tax advisor.

Best regards,
Frank C
 
Yeah, definitely seek professional advice, but generally, you can write off the interest on the loan. Like posted above, I don't think you can write anything else off on a pleasure boat. Your results may vary. In Fl, I don't think we can write the gas tax off. I can't remember why.
 
I agree with Frank and Hampton. Trying to write a pleasure boat off will just send up a flag that will probably cause an audit by your tax people. I have taken a couple of clients out fishing and still dont claim anything, not worth it. I have no concerns even if they did do an audit, but don't need the hassle of answering their stupid questions
 
Remember advice is only worth what you pay for it. Looking on this site for tax advice you are looking to pay nothing---threfore the advice is worthless. At the end of the day you are responsible for your income tax return.

Mr Salt
2001 540 CPMY
Carerpillar C-12s
Cape May, NJ
 
You can write off the interest. Any other write offs I put thru my small company. Be careful and listen to your account. Do not let Mom or a family member do your taxes. Use a professional and they will make you money and keep you legal. And by professional I mean at least a CPA.
 
Bodkin Creek George said:
You can write off the interest. Any other write offs I put thru my small company. Be careful and listen to your account. Do not let Mom or a family member do your taxes. Use a professional and they will make you money and keep you legal. And by professional I mean at least a CPA.
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Paying personal expenses through your business does not make them deductible. This is certainly not an unusual practice among family owned businesses, however if examined, running personal expenses through the business is one of the first things the IRS will likely look for. On the other hand, if your business is simply reimbursing you for business related use of the boat, this could be okay subject to a miriad of limitations.

While I obviously don't know the details of your situation, you might check with your advisor to make sure you're legal.
 
Ask Representative Charles Rangel -- he who is in charge of the tax code from the US House of Representatives.

"Rangel, the head of the committee that writes the tax code and oversees the budget, now admits his own tax records are in such disarray, he's had to bring in a forensic accountant to find out just what he owes on items like unreported income on the building he and his wife once owned, or the possible ethical lapses in perhaps getting a favor to combine three condos into one, below-market apartment."

http://wcbstv.com/local/charles.rangel.uncle.2.817769.html
 
In order for the interest to be deductable, the lender must be granted a secured interest in the boat. If it's not secured, the interest is not legally deductable. The IRS may send you a letter asking why you took the deduction so make sure your ducks are in a row.
 
AndersonAcres said:
Ask Representative Charles Rangel -- he who is in charge of the tax code from the US House of Representatives.

"Rangel, the head of the committee that writes the tax code and oversees the budget, now admits his own tax records are in such disarray, he's had to bring in a forensic accountant to find out just what he owes on items like unreported income on the building he and his wife once owned, or the possible ethical lapses in perhaps getting a favor to combine three condos into one, below-market apartment."

http://wcbstv.com/local/charles.rangel.uncle.2.817769.html
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Gotta love those NY congressmen.
 
Groucho said:
Hey...lucky for us Hillary has been chasing her tail for the last year...@ least we could "share" with the rest of the country what we live with...
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You'll understand if we politely decline your offer.
Sincerely,
The Rest of the Country
PS. And we maintain Hillary was ineligible since she already served 2 terms as President
BTW, I escaped from NY about 20 years ago :smt038
but I DO miss the Finger Lakes and Adirondacks, and still love to VISIT the City
 
TimB said:
BTW, I escaped from NY about 20 years ago :smt038
but I DO miss the Finger Lakes and Adirondacks, and still love to VISIT the City
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Do you remember that movie? ("Escape from New York") They built a barrier around the entire island and left the prisoners in there to fend for themselves. Dark, but interesting.
 
Folks,

You might want to look up Internal revenue Service Publication 936 (2007) Home Mortgage Interest Deduction document on the IRS website. Look under the section titled "Qualified Home".

www.irs.gov/publications/p936/ar02.html#d0e537

The interest on a boat is indeed deductible if it is a second home.

I've been doing this for 2 years now w/o being questioned but of course I would consult a tax account first.

-JB
 
Do Not mess with the IRS, get professional help.:smt100 Next thing ya know those IRS agents will be out cruising in your boat or selling it at auction...next to the cigarette drug running boats left over from the 80's.:smt009

We use an accountant....every year. One btw that just shakes his head at us regarding our boating addiction.
 
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"our boating addiction"

The first step to recovery is admitting you have the addiction, I am proud of you! ;-)
 
mrsrobinson said:
"our boating addiction"

The first step to recovery is admitting you have the addiction, I am proud of you! ;-)
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I am afraid there is no 12 step program for this addiction. I don't think I am going to recover.

The accountant likes to remind us that boating is an expensive hobby...and a boat will never make money.:smt009 As if we didn't KNOW that already.:smt021
 
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