Author: Bullbuster Team
Save Money On Your Taxes While Owning A Boat
We aren't CPA's so look talk with you accountant about this stuff, but we all know that boat ownership isn't cheap. So you may want to be aware of ways you can pay less taxes while owning a boat and talk to your CPA about them.
1) A Boat Can Be Considered A Second Home & There Are Tax Deductions For This:
Boats can be considered a second home if they have certain amenities in them. At the time of writing this, the boat must have a head, a galley, and sleeping quarters in order to be considered a home. Tax laws are constantly changing so this is something you may want to bring up to your CPA.
2) Using Your Boat To Make Income:
If you are using your boat to make income than boat expenses are business expenses. Ways you may be using your boat to make income include:
- Fishing Charters
- Entertaining Clients
- Home Office
- Newer Businesses Such As Youtube Shows & Blogs Should Have A Compelling Case As Well
* Documentation is important here. Talk to a professional when it comes to this area, but be sure to do your own homework as well.
3) Pay Less In Sales Tax For Your Boat
Depending on where you buy your boat there may or may not be sales tax. If you are buying a big boat, a small decrease in sale tax will be a big deal.
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