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Listing a vessel as an asset

I purchased a vessel to run charters this past year so i am doing my first 1065 with turbo tax.  as i follow the prompts for listing as a vehicle, no options for vessels are provided?  am i listing this asset incorrectly? or in the wrong section?  what is the appropriate method?

 

background:  the vessel was purchased last year, when in for a full refit to be used in the business and became a victim of a total loss due to the hurricanes in Florida.

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1 Reply
AmyC
Employee Tax Expert

Listing a vessel as an asset

1. Not a land vehicle.

2. It is a real asset - like equipment.

3.A vessel is a 10 year property using the GDS, general depreciation system under MACRS and not depreciated like a vehicle. See About Publication 946, How To Depreciate Property. 

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