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

Forum|Forum|7 years ago
October 10, 2019
4 replies
34 views

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

Level 7

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.

BeeladyAuthor

Level 2

What if you let vendors use it at no charge?

Critter

Level 15

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.