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Old 02-23-2011, 04:10 PM
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Default Slip Fees Tax Deductable

Since the boat is considered a second home can any storage expenses be deducted....considered a "property tax" of sorts??>?
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Old 02-23-2011, 04:42 PM
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Contact your tax person. That is what you pay them for!
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Old 02-23-2011, 04:54 PM
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Contact your tax person. That is what you pay them for!
That's the best advice. You won't be able to convince the IRS guy that you have a legitimate deduction because you saw it on a boating forum.
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Old 02-23-2011, 05:09 PM
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Well i was kinda figuring it would be fact or not....
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Old 02-23-2011, 05:14 PM
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Well i was kinda figuring it would be fact or not....
Well that is your first mistake, using common sense. You are dealing with the gov't. It is never that easy.
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Old 02-23-2011, 06:30 PM
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my CPA said no... but if yours says yes I am switching to your CPA
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Old 02-23-2011, 06:45 PM
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Since the boat is considered a second home can any storage expenses be deducted....considered a "property tax" of sorts??>?
If you're paying it to a government, maybe (but doubtful); to a marina, fuggedaboudit. Like, HOA or condo fees are not deductible as taxes paid.
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Old 02-23-2011, 07:26 PM
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I'm not an accountant... but I would think that the only way to deduct the slip and other misc. costs would be if you are using the boat for charter. If that were the case, they would be business expenses. If it's for personal use, then most likely, the only possible deduction (assuming the boat meets the definition of a residence) would be for interest paid for financing the loan. No other expenses should be deductible.

Of course, this advice is only worth what you paid for it. If you are considering this, I would check with your accountant.
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Old 02-23-2011, 09:03 PM
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property tax and interest only.
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Old 02-24-2011, 04:19 AM
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......... If it's for personal use, then most likely, the only possible deduction (assuming the boat meets the definition of a residence) would be for interest paid for financing the loan. No other expenses should be deductible..
Sales and personal property taxes paid on the boat would be deductible.
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Old 02-24-2011, 05:49 AM
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Sales and personal property taxes paid on the boat would be deductible.
Double check this one. I don't think the sales tax would be deductible on a personal use boat.
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Old 02-24-2011, 05:54 AM
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Sure it would..all sales tax is deductible....it just has to add up to a certain figure to make a difference
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Old 02-24-2011, 05:55 AM
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Double check this one. I don't think the sales tax would be deductible on a personal use boat.
You could be right. I follow my own advice and pay a pro to do my taxes. They are pretty complicated and it's $150 well spent.
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Old 02-24-2011, 12:03 PM
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Sure it would..all sales tax is deductible....it just has to add up to a certain figure to make a difference
Like I said, double check this one. I didn't want to get too technical, but if you itemize, you generally must choose between deducting state and local income taxes or sales taxes. You can't deduct both.
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Old 02-24-2011, 12:47 PM
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I wrote off the two of my fishing trips last year. Gas, mileage, food, hookers.

I had two people who I do biz with aboard. Total write off was 1800.
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Old 02-24-2011, 12:54 PM
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I wrote off the two of my fishing trips last year. Gas, mileage, food, hookers.

I had two people who I do biz with aboard. Total write off was 1800.
Be prepared for an audit. All your T's crossed and I's dotted.
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Old 02-24-2011, 12:57 PM
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Originally Posted by Sonny Crockett View Post
I wrote off the two of my fishing trips last year. Gas, mileage, food, hookers.

I had two people who I do biz with aboard. Total write off was 1800.
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Old 02-24-2011, 01:10 PM
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I think it would depend on who's name the boat is in. If it is in a business name.......it's ALL a write off.

Call your CPA.
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Old 02-24-2011, 01:11 PM
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Originally Posted by Sonny Crockett View Post
I wrote off the two of my fishing trips last year. Gas, mileage, food, hookers.

I had two people who I do biz with aboard. Total write off was 1800.
Yep, look for an audit. You might get lucky and it gets overlooked.

Now - See if your insurance covers business use or just personal use. Think about this.

If your taxes involve much more than a W2 form and mortgage interest, you need a tax professional if you want to get the lowest taxes while staying out of jail.
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Old 02-26-2012, 08:34 PM
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Be prepared for an audit. All your T's crossed and I's dotted.
How do you cross your I and Ts for hookers? If you take business colleagus out on your boat, the trip is expendable. Same as golf. So says Donald Trump.

F the man
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