I bought a trolling boat last year to use for my business. where would I put that into my taxes at?
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I bought a trolling boat last year to use for my business. where would I put that into my taxes at?

 
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I bought a trolling boat last year to use for my business. where would I put that into my taxes at?

Per the IRS, "Water transportation equipment such as barges, tugs, and similar water transportation equipment have a class life of 18 years and a MACRS recovery period of 10 years. Fish tender vessels and fish processing vessels are considered water transportation equipment and should also be depreciated over a period of 10 years. Fishing boats, however, used in one's fishing trade or business is generally depreciated over 7 years."

For more information, please see this IRS link: https://www.irs.gov/businesses/small-businesses-self-employed/depreciation-and-amortization-for-the-...

In TurboTax, please do the following:

  • Click Business, then Continue
  • How do you want to enter your business income?, then I'll choose what I work on
  • Business Income and Expenses, click Start/Update
  • Did you have any income and expenses for a business in 2016?, click Yes
  • First, let's confirm your business name and address, click Continue
  • Enter Business Information, click Continue
  • Tell us about your business, click Continue
  • Enter Employer ID Number, If Any, click Continue
  • Do you use the cash method of accounting to run your business?, click Continue
  • Did you make any payments that required you to issue a form 1099?, click Continue
  • Do any of these uncommon situations apply to your business?, click Continue
  • Let's confirm your business info, click Continue
  • Your Business page
  • Business Assets
  • Assets Being Depreciated  click Start
  • In regards to the type of asset: Intangibles, Other property
  • Then Other asset type, click Continue
  • Tell Us About This Asset / Large Purchase, click Continue
  • Asset Class, 7 year






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