2007-06-18 14:37:03 · 3 answers · asked by JKtile 2 in Business & Finance ➔ Small Business
You will purchase the boat and have a handwritten bill of sale as well as the receipt with your company's name on it. You will need to use this bill of sale and receipt to depreciate your asset ( the boat is an asset as you can sell it and get money). There are GAAP that apply to your accounting and you will need to enter the boat in your journal and ledger as an asset Boat and debit note for boat (unless you paid it cash then claim in through your owner's drawer) Whoever you have do your taxes will need the info as you ay be able to claim your depreciation quartley ( or whenever you have it set up with the IRS to close your books) However you better make sure that somehow someway you occasionally use the boat for business (meetings entertainment of clients etc)
2007-06-18 14:44:45 · answer #1 · answered by whirlwind_123 4 · 1⤊ 0⤋
You can have your company buy anything you want it to buy. Just don't try to show it as an expense or deduct the use of it as business expense unless it qualifies. If the company buys a boat, it's an asset of the firm.
2007-06-18 14:41:20 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
Just remember, if the company buys this you get to pay property taxes on it in the end. We never buy cars or such if we can lease for tax purposes.
2007-06-18 15:35:48 · answer #3 · answered by ? 4 · 0⤊ 0⤋