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View Full Version : Who writes off thier boat for buss. and how?



FASTERDAMITT
05-28-2003, 01:02 PM
My wife and I started a bussiness last year and are curious how people use thier boat as a write-off?
Advertising, entertanment? :confused:

Hallett19
05-28-2003, 01:54 PM
I do acting, and the first year I got on the show I used to be on, I did a photo shoot, that is the same year I bought the boat, so my accountant told me I can write off the purchase of the boat. Now, every time I have a repair, I get to write off a portion of it because I say some of the trips were with friends from work, business transaction, I need it to entertain people who I work with and keep my business going...... which is kind of true !!

FASTERDAMITT
05-28-2003, 02:12 PM
That's easy! Anyone else? I see alot of boats at Havasu that looks like business names.

THATJEFFGUY
05-28-2003, 02:15 PM
As long as you have a "creative" accountant, you should have no problem at all. I have been writing mine off for the last 5 years..I always entertain my current and prospective clients on my boat at the River.

FASTERDAMITT
05-28-2003, 02:39 PM
Did you use your current boat or do you have to buy a new one to do this?

91nordic29
05-28-2003, 03:03 PM
my husband and i write the intrest off every year as a vacation or 2nd home/mortgage. cpa says it just has to have a sink, potty and cooking source (hibachi) :cool:

bigd1
05-28-2003, 03:41 PM
There is a web design company here locally that has their company logo on it - looks pretty cool:boat pic (http://www.yellow7.com/images/2002yellow7boat.jpg)

moneypit
05-28-2003, 07:47 PM
Pretty hard to write off your boat for business, but the safest way to write off the boat, is to only write a portion of it off. You can easily write off your trip expenses. Just keep reciepts and write down on each receipt the names of the people that you entertained on that trip. These must be people that you have "potential to do business with". If your boat is used purely to entertain, be ready to prove it. It could cost you more than its worth.

SoCalOffshore
05-28-2003, 08:05 PM
moneypit is corect. You can write off anything, the question is will it stand up under audit. The boat with the company name painted on it, could at most, write off paint job, not the boat. http://www.***boat.com/image_center/data/520/100NBS-thumb.jpg
The following was added in order to deduct said comments as a business expense.
[ May 28, 2003, 09:45 PM: Message edited by: SoCalOffshore ]

C-2
05-28-2003, 10:16 PM
Maybe not the boat directly…my accountant sez good luck proving it; make up for it in other less conspicuous areas…
Trips to Costco are a good start.
Gotta buy supplies to entertain my clients when I take them to Havasu. They usually drink several cases of beer, water and soda, eat a lot of ribs and burgers, munchies up the kazoo, cups and plates, condiments…the dumbasses never bring beach towels so I have to buy them…then they drink too much so I have to buy Advil and antacid…they always forget the simple stuff like toothpaste and deodorant, a TV, DVD or VCR for a presentations, of course tp and paper towels, dog food for their pets..…get the picture?
Nothing wrong with buying a thousand dollars (or more) worth of $25 gift certificates at x-mas time to give to my “clients”…they especially love the Costco ones!
This is on top of the travel/hotel expenses.
:D :D :D

THATJEFFGUY
05-28-2003, 10:40 PM
Hey C-2..we must have the same creative CPA ! And that's EXACTLY what I'm talking about..write off everything you can, just make sure your CPA knows his shit..and what will or will not raise a red flag to the IRS. It's worked for me for many years !!

Jungle Boy
05-29-2003, 03:00 AM
I used to be able to write off gas and expence money by saying that I was entertaining clients. The cost of boat was not possible. The accountant says that it needed to bea ble to make money to do that.

In2Deep
05-29-2003, 07:03 AM
If you own a home and have equity, refi and roll in your boat loan to the mortgage.

Skullinator
05-29-2003, 10:22 AM
faster Dammit : the easist way to do this is have your company pay you a monthly fee for advertisment on your boat. same as advertising on a billboard or side of a truck.

Jungle Boy
05-29-2003, 12:40 PM
Fasterdamit - Do you still have that car. Very nice looking.

FASTERDAMITT
05-29-2003, 01:29 PM
Yes, I still have the stang. Love it! A lot of good idea's here. Thanks guys! wink

OGShocker
05-29-2003, 01:38 PM
I don't want to hear anything about my avatar from you Chevy guys, COMPRENDE !?!?? Can you say OXYMORON? Ford Racing...he hehehe...he
Sorry, I had to.

=PAYED CA$H=
05-29-2003, 01:45 PM
JUST STARTED THE BUSINESS AND YOUR ALREADY THINKING ABOUT WHATS IMPORTANT........I LIKE THE WAY YOU THINK........ :D :D :D

KrazyKa
05-29-2003, 10:16 PM
Skullinator:
faster Dammit : the easist way to do this is have your company pay you a monthly fee for advertisment on your boat. same as advertising on a billboard or side of a truck. Wouldn't that just be shifting the income to yourself? You're not netting an expense with that. TECHNICALLY your company would still need to 10-99 you for the advertising payments.

canuck1
05-30-2003, 12:18 AM
opps
[ May 30, 2003, 01:20 AM: Message edited by: canuck1 ]

canuck1
05-30-2003, 12:20 AM
Jungle Boy:
I used to be able to write off gas and expence money by saying that I was entertaining clients. The cost of boat was not possible. The accountant says that it needed to bea ble to make money to do that. Load of lumber ,framing crew, cement, whatever... just be creative

ROZ
05-30-2003, 02:32 AM
KrazyKa:
Skullinator:
faster Dammit : the easist way to do this is have your company pay you a monthly fee for advertisment on your boat. same as advertising on a billboard or side of a truck. Wouldn't that just be shifting the income to yourself? You're not netting an expense with that. TECHNICALLY your company would still need to 10-99 you for the advertising payments. Yes, he would be taxed on it, but will the anual tax increase off set his the total of his boat payments? What would really suck is if it backfired and the additional income put him into the next tax bracket eek! Never heard of a company that does anything for free....However, he's talking about writing off under his own business...No 10-99 to yourself...
I agree with the other guys, write off the portion that is easily accounted for incase of an audit...Gas, food, lodging, costco, etc. And file the receipts for safe keeping...
Always consult your CPA when trying to stay a step ahead of the IRS....
[ May 30, 2003, 03:41 AM: Message edited by: ROZ ]