- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.

Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post