Re: Gasoline Deduction on Boat Rentals

My small business rents boats and jet skis. Can I deduct the gasoline used on my taxes?

This seems relatively simple but I can’t find a good answer. Thanks!

posted

Yes, you may deduct the cost of the fuel used to power the rented boats and jet skis. That is certainly part of the cost of doing business.

Here is a link to Publication 535, Business Expenses. You may find it useful in your business

https://www.irs.gov/pub/irs-pdf/p535.pdf

https://www.irs.gov/site-index-search?search=Business+expenses&field_pup_historical_1=1&field_pup_hi...

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

Hello there - I don't own or lease a car, instead I do car rentals (or Uber) from time to time, and part of that is for my work, how do i get deductions on this expense?

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