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If the boat meets the requirements for a second home, you can deduct the interest on the loan. The slip fees and other expenses connected with the boat are nondeductible personal expenses.
If the boat meets the requirements for a second home, you can deduct the interest on the loan. The slip fees and other expenses connected with the boat are nondeductible personal expenses.
Ok, how bout this !? The boat is located 100 miles from my primary home and I travel to that location for work. Can I deduct slip fees, maintenance, etc as a business expense ?
Commuting expenses to go to work are NEVER deductible.
It’s business travel ! I’m a 1099 independent contractor
Doesn't matter.---Commuting to and from work is still not deductible even if you are an independent contractor. Mileage you travel WHEN you are working is a different story. Just driving to work or from work is not deductible.
And....the slip fees and boat maintenance are still personal expenses, same as if you had a house and had to fix the roof or pay a homeowners association fee.
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