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?
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 .