claiming boat {taxs}

[catfish hunter]

I just bought a new boat {21 ft. cc}and was wondering if I can claim any part of it ,I dont plan on using it for charters so that is out but I do have a commercial turtle permit is there any way I can swing this ,I have been told that if you have a fishing permit and sell a couple fish a year you can claim your boat.thanks

[wingshooter]

it becomes a pain in the a$$, you would have to show proof. also claim any income from sale of fish......

[catfish hunter]

so I cant even use the state tax on the sale of the boat

[Capt. Ed]

Hi All,

I have been told that the commercial license angle does not entitle you to write off your "private" boat.

Being a Captain and running a charter business does not always amount to deductions either. There are strict tax rules on that also. The government has the boat thing wired when it comes to taxes.

I know of people that have boats they "live on" in the Summer and claim deductions as a "2nd home."

Being that I am not an account, these are just things that people have told me. It would not be a bad idea for you to consult an accountant or tax attorney for some info.

Have fun,

Ed

[catfish hunter]

thanks capt. ,I was hoping to get lucky ,I have to sit down w/ someone soon

[drome]

I'm also not a CPA or tax guy but from what I'm told to swing the deduction easier than a ton of paperwork the boat must have a working head, sink and stove...

[catfish hunter]

I'm also not a CPA or tax guy but from what I'm told to swing the deduction easier than a ton of paperwork the boat must have a working head, sink and stove...

thats what I keep hearing

[drome]

I think you may need to have it registered to a corporation or LLC (LLC is easier at tax time). 

If I were you I'd go get my capt's license and then register an LLC.  Buy a boat with a working head, sink and stove.  And call yourself Catfish Charters LLC

[catfish hunter]

well I spoke to my tax man yestersay and found out that you cant claim it ,dam that sucks.

[CapBob]

Certain things you can claim off the boat, Sales tax if you bought it during the year for one. As a charter I lease my boat to the corporation, I can take off all repairs, maint, equipment, depreciation, fuel, licenses, permits, etc.

Hope this helps

[IrishAyes]

I know this is too late for this year but maybe for next...you can claim the interest paid on a secured loan (boat held as hostage) if you are able to cook (I have an alcohol stove that counts), sleep (cuddy cabin or better) and use the bathroom on it (porta-potty).  The boat then qualifies as a second home.
  My taxes are done by a CPA and he says-no problem!  I have been taking this deduction for 14 years.  Hope this helps for next year.  Keep in mind, the government constantly tries to take this deduction away.  So far, they haven't done so.

[Luna Sea 5]

Hi All,

I have been told that the commercial license angle does not entitle you to write off your "private" boat.

Being a Captain and running a charter business does not always amount to deductions either. There are strict tax rules on that also. The government has the boat thing wired when it comes to taxes.

I know of people that have boats they "live on" in the Summer and claim deductions as a "2nd home."

Being that I am not an account, these are just things that people have told me. It would not be a bad idea for you to consult an accountant or tax attorney for some info.

Have fun,

Ed

  This is true with the second home write off.

[Luna Sea 5]

I think you may need to have it registered to a corporation or LLC (LLC is easier at tax time). 

If I were you I'd go get my capt's license and then register an LLC.  Buy a boat with a working head, sink and stove.  And call yourself Catfish Charters LLC

You don't need an LLC to claim that as a second home.  A LLC is good if you have an investment home, but a second home/vacation home does not need to have an LLC, therefor, the second home write off will hold true.

[fishraiser]

I do the same as Capt. Joe on Irish Ayes