2007-03-21 07:20:34 · 6 answers · asked by sailaway16 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
From the detail you gave, no it does not appear you'd be proper in deducting the sail.
If you were in the business of using your boat to produce income (say a charter fisherman, tourist travels, etc.) then the sail would probably need to be capitalized and depreciated (although there are accelerated expensing options available to small businesses).
Judy is correct. Probably only the cost of fuel or any other immediate expenses associated with conducting business on the boat would qualify to be deductible.
Good luck.
2007-03-21 08:52:47 · answer #1 · answered by Molly 6 · 0⤊ 0⤋
No. Occasionally using your boat for business doesn't qualify for expenses to be taken except for the specific expenses due to those particular excursions like possibly fuel.
2007-03-21 07:26:20 · answer #2 · answered by Judy 7 · 4⤊ 0⤋
I think if you try and claim a sail as a deduction you might as well append a red sticky note on your tax return that says "audit me!"
2007-03-21 07:23:25 · answer #3 · answered by Oxhead 3 · 2⤊ 2⤋
If you do business on it all maitanance is deductable. But you need to find out if you can deduct, 25%, 50% or 75%. In my state I deduct 75% of my mortgage payments, electricity, service men ect... because we conduct business in the home. Every state have different values.
2007-03-21 07:24:56 · answer #4 · answered by NANCY J 5 · 0⤊ 4⤋
You can try and if you get causght explain your logic - you might not get caught unless you are auditted.
2007-03-21 09:27:57 · answer #5 · answered by Gone fishin' 7 · 0⤊ 1⤋
I don't think so, but you may be able to deduct it as a hobby expense.
2007-03-21 07:22:48 · answer #6 · answered by smoothie 5 · 0⤊ 5⤋