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If I owned a fishing charter company could I deduct a boat under section 179 or does it have to be a yacht? Because I've seen multiple sources say yacht and others say boat. Would it apply to say a 25ft center console for chartering or rental and would it apply to jet skis for rental purposes?
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The boats and jet skis would be listed property but they would still qualify for Section 179 treatment provided they were purchased for use in your trade or business.
See https://www.irs.gov/publications/p946#en_US_2020_publink1000107395
The boats and jet skis would be listed property but they would still qualify for Section 179 treatment provided they were purchased for use in your trade or business.
See https://www.irs.gov/publications/p946#en_US_2020_publink1000107395
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