Investors & landlords

You can deduct the expenses you mention but only to the extent you use the boat for business purposes. So, if you use it 50% of the time for rental to customers and 50% for personal use, you can deduct half of all the expenses you have. Any expense that is exclusively for the business you can deduct 100%. For the auto, you will list it as a business vehicle and report the personal versus business mileage to allocate the cost of operating it to the business.

You would enter the business receipts and expenses in the Your income and expense section of TurboTax, and then Self-employment income and expenses:

For the type of income to enter, choose Other self-employed income:

Choose the Vehicle expense option so you can enter you vehicle expenses:

Choose the Less Common expenses option to find the Assets entry  box  to enter the boat and major equipment for depreciation: