Boat as use for vendors are anything tax deductible? Boat slip rent, cost of boat?

Beelady · ‎October 10, 2019

I am looking at buying a boat people can sleep in for vendors from another state. They flood my area and this would be great for my business to have the boat to offer to them for their use. Is my dock rental or any cost of the boat deductible on schedule 1040?

Bees · ‎October 10, 2019

That would be a rental property reported on schedule E Your boat would be an asset that you depreciate over time. Expenses like the boat slip are prorated between personal and rental if they are used for both .

https://finance.zacks.com/type-property-irs-considers-residential-rental-property-9946.html

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

Beelady · ‎October 10, 2019

What if you let vendors use it at no charge?

Critter · ‎October 10, 2019

Then it is not a rental ... it is a personal use property that you lend out to friends/family/vendors at no charge so there is nothing you can deduct on a business return.

Beelady · ‎October 10, 2019

Thank you

Boat as use for vendors are anything tax deductible? Boat slip rent, cost of boat?

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