How do you do this

[SANGER-RICH]

How do you write your boat expenses off you taxes

[BrendellaJet]

You are dreaming. Unless you can establish that the expenses are incident to a trade or business, your "activities" will be deemed a hobby by your friends at the Internal Revenue Service and therefor not deductible.
Nice try though.

[VESSEL ASSIST]

I'm guessing here but...
Start a business that is directly related to boating.
I dunno maybe a marine salvage & towing company!

[WannabeRacing]

Have a business that you own.
Use the race boat for advertising with nice stickers and trading card handouts with advertising on the back. (No lake runners, but a competition boat.)
When you start to get interested parties from the advertising from the races, and some transactions making money from the racing advertising, then start using the boat expenses as advertising on your normal business expense sheets.
When you write off all the stuff right away, and have no business from it, it looks really ugly with the IRS, etc. You can write it all off before you get any business from the boat, but it is safer to make sure you have some proof that it is real before you go hog wild.

[ol guy]

If the boat is of enough length to have a bed and porta-potty under the bow it can be written off as a second home, so I have been told????????????? If it's a race style and you own a bussiness it can be used as a bussiness expense, just put alittle sticker with bussiness name and "good to go". This is what I have been told.

[flatnutz110]

Do what I did . Start with ten million race ten years have nothing left then you have A write off.

[Moneypitt]

Not sure of recent, (10yrs or so), rules of the IRS, but here are a few reasons that seem legit to me......
Advertizing
Client entertainment
Demo of something you make, (marine/watersports)
Enter it in competition with hopes of making money:jawdrop: :jawdrop:
(sorry I had to throw that in there)
Enter a skier/wakeboarder in competition with the hope of making money
Become a fishing guide and use the boat for the business. (High roller type)
etc etc.....Use your imagination, the ideas are endless...........MP

[058]

How do you write your boat expenses off you taxesRich....do not pass go....do not collect $200.00.....do write off racing expenses.....go straight to jail.... Sorry but the IRS looks for this stuff to trigger an audit. Believe me when I say the IRS LOOKS for this shit with a microscope. Many years ago a good friend who raced D/MP in S.C.C.A. was invited to Road Atlanta for points and all the shit that goes with it got his books picked apart because he wrote off road expenses for this one road trip. ..........Long story short....he was dis-allowed all expenses for the year and his wife who was the real bread winner was picked apart too. Not worth the trouble. Can you show winning prize money? Can you even show points in a sanctioned national race pubication? If not then you leave yourself wide open for an audit. Unless you are a touring pro forget trying to write off race and road expense. Don't even try to write off tools and equipment unless you are squeaky clean and can survive a general IRS audit. IMO, not worth the trouble you may bring to your doorstep.

[steve d]

Do what I did . Start with ten million race ten years have nothing left then you have A write off.
..................................... ..........................................
What Wannabe and Moneypitt said......I believe the key is to have a business.
Your accountant will point you in the right direction.
Ran circle dirt for ten years with those parameters and never had a problem.
Never made a profit, had a few sponsers and made sure we totaled it every
5 years. Wrote everything off but the "MEMORIES".