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Go Back   WakeWorld > >> Wakeboarding Discussion Archives > Archive through February 11, 2004

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Old    PJ (peeejay)      Join Date: Mar 2002       01-07-2004, 8:25 PM Reply   
DOES ANYONE WRITE OFF THERE BOAT
Old    Mark Anderson (puckinshat)      Join Date: Sep 2003       01-07-2004, 8:33 PM Reply   
Gas in the boat, yes. Boat is paid for otherwise probably would.
Old    Chad Miranda (forwaken)      Join Date: Jan 2003       01-07-2004, 9:45 PM Reply   
How do you write it off?
Old    PJ (peeejay)      Join Date: Mar 2002       01-07-2004, 10:14 PM Reply   
LESSONS ETC.
Old    PJ (peeejay)      Join Date: Mar 2002       01-07-2004, 10:15 PM Reply   
HOW DO YOU WRITE OFF GAS, AND IF IT WASNT PAID FOR HOW WOULD YOU DO IT THEN?
Old    Barry Waste (barry)      Join Date: Apr 2002       01-07-2004, 10:26 PM Reply   
Business expense, 5 year depreciation..

B-
Old    PJ (peeejay)      Join Date: Mar 2002       01-07-2004, 10:28 PM Reply   
ELABORATE PLEASE
Old    Shawn K. (zipe)      Join Date: Mar 2002       01-07-2004, 11:36 PM Reply   
In order to write off a boat, or anything for that matter, a deduction must meet four basic rules to be deductible according to the IRS tax code:
1)The expenses must be incurred in connection with your trade, business, or profession.
2)The expenses must be "ordinary".
3)The expenses must be "necessary".
4)The expenses must "not be lavish or extravagant under the circumstances".

Straight from the IRS tax code, so unless you have a Boardshop, wakeboarding school, or other related business, good luck unless you enjoy audits.

Also, a business has to be established for the purpose of making a profit, and must be profitable 2 out of the first 5 years, otherwise it is a "hobby", and well, again enjoy the audits.

You might be able to write off the intrest on the boat loan however depending on your situation.

And BTW, on write offs, the IRS in an audit will need not only the receipt, but proof of payment as well (ie:canceled check, credit card statement, bank statement, ect). I am finding out this lesson the hard way. Did I mention I love the IRS? FU#$@^!&@^%@#$%!@HOLES
Old    Chad Miranda (forwaken)      Join Date: Jan 2003       01-08-2004, 12:03 AM Reply   
Thanks Shawn, I was more concerned about the legal part.
Old    tattoobling            01-08-2004, 6:49 AM Reply   
Kramer, It's obvious you have no formal business training whatsoever.
Old    Zedz Dead (ktm250)      Join Date: Jan 2003       01-08-2004, 7:24 AM Reply   
"it's a write off Jerry...that's what those big companies do, they write it off"

Another note I wrote a boat off once...damn wedge ripped out of the back of it when I hit a submerged object. Oh wait that was another guy in another post...never mind.
Old    PJ (peeejay)      Join Date: Mar 2002       01-08-2004, 9:10 AM Reply   
thanks i thought it would be pretty hard. do you think dave gets a tax break on his boat for this site?
Old    CAwakesk8r (hatepwcs)      Join Date: Mar 2002       01-08-2004, 9:20 AM Reply   
I think you can deduct the highway tax portion of your fuel costs since you dont use the highways.
Old    slob180            01-08-2004, 10:10 AM Reply   
Jerry-"You don't even know what a write off is."

Kramer-"But they do, and they're the ones writing it off."
Old    Zedz Dead (ktm250)      Join Date: Jan 2003       01-08-2004, 10:15 AM Reply   
Kruger - "I'm sorry Kramer, but we are going to have to let you go, it's as if you have no formal business training at all."

Kramer - "But I don't even work here"

Kruger - "I know...that's what makes this so hard!"
Old    tattoobling            01-08-2004, 10:26 AM Reply   
They gave me The Penske File
Old    Jonathan French (rock_n_boardin)      Join Date: May 2003       01-08-2004, 12:20 PM Reply   
Write offs on boats in general are like a house write off. But it won't work on a wakeboard boat. You have to have a galley "stove/oven" and a head "bathroom/shower" in it. Then you can write it off just like your house. But it only works if you rent the place you live in, or if the boat interest is more than your primary house interest, if it was you could make the boat your primary residence. The Feds won't let you write off more than one primary residence.

So usually it's reserved to cabin cruisers, larger sport fishing boats, and large sail boats, that are kept in a slip full time.

Yes the other route is the business write off. Check out details already covered above for that.
Old    Zedz Dead (ktm250)      Join Date: Jan 2003       01-08-2004, 12:23 PM Reply   
George, wrestle your father!

Happy Fetivus!
Old    Kilo Whiskey (wiltok)      Join Date: Feb 2003       01-08-2004, 6:53 PM Reply   
From now on, just take one dip and end it.

You dip the way you want to dip - I'll dip the way I want to dip.
Old    Zedz Dead (ktm250)      Join Date: Jan 2003       01-09-2004, 7:40 AM Reply   
Double Dipper!
Old    tattoobling            01-09-2004, 7:44 AM Reply   
It's like looking at the sun, George, one quick peek....and then LOOK AWAY!!
Old    JR Richard (jrichard)      Join Date: Aug 2001       01-09-2004, 8:54 AM Reply   
There might be some confusion in this thread re: business expense deduction (covered by Shawn above) and mortgage interest deduction (refered to by Jonathan above). Regarding the mortgage interest deduction, you can deduct mortgage interest on two residences (not just one) but only to the extent that the interest is attributed to a maximum of $1mm of debt (...this number might have indexed up some since I last looked it up...). A boat generally qualifies as a residence if it has a toilet and cooking facilities. Same with RVs. The second residence interest does not have to exceed the primary residence interest.
Old    Zedz Dead (ktm250)      Join Date: Jan 2003       01-09-2004, 9:01 AM Reply   
Oh by the way...they real and they are fabulous
Old    Jonathan French (rock_n_boardin)      Join Date: May 2003       01-09-2004, 9:08 AM Reply   
Thanks John, I am know tax expert, just play one on Wake World LOL. Thanks for clearing up my post!
Old    A. P. (bigdad)      Join Date: Apr 2002       01-09-2004, 11:17 AM Reply   
Are you the king of your castle.

Old    Cunning Linguist (jro)      Join Date: Sep 2002       01-09-2004, 11:31 AM Reply   
The master of your domain
Old    slob180            01-10-2004, 9:18 AM Reply   
Jerry- "What do do you do down there at Brandt-Leeland?"

Kramer- "TCB, Taking care of business."

Jerry- "What do you have in the briefcase?"

Kramer- "Crackers."
Old    Zedz Dead (ktm250)      Join Date: Jan 2003       01-12-2004, 5:18 AM Reply   
Were calling it the "Manzier" or maybe the "Bro"
Old    tattoobling            01-12-2004, 7:21 AM Reply   
These reports are killing me Jerry!
Old    Phaeton (phaeton)      Join Date: Feb 2002       01-12-2004, 7:25 AM Reply   
Not that there's anything wrong with that.
Old    WakeOn (wakeon)      Join Date: Dec 2002       01-12-2004, 8:32 AM Reply   

"These pretzels are making me thirsty!"
Old    Zedz Dead (ktm250)      Join Date: Jan 2003       01-12-2004, 9:11 AM Reply   
So, what do I have to do to put you two in a relationship today?
Old    Zedz Dead (ktm250)      Join Date: Jan 2003       01-12-2004, 9:27 AM Reply   
George - "have you ever seen Elaine dance?"

Jerry - "she danced?"

George - "itís more like a full body dry heave"

(this has all the makings of it's own post)
Old    tattoobling            01-12-2004, 11:10 AM Reply   
"You wanna a piece of me? You want a piece of me......YOU GOT ITTTT!!!"
Old    Kilo Whiskey (wiltok)      Join Date: Feb 2003       01-12-2004, 12:02 PM Reply   
Jackie Chiles: Who told you to put the balm on? I didn't tell you to put a balm on!
Kramer: A maestro
Jackie Chiles: A maestro? A maestro tells you to put a balm on and you do it!!
Old    WakeOn (wakeon)      Join Date: Dec 2002       01-12-2004, 1:24 PM Reply   

"It's a coffee table book about coffee tables."

"It's a pizza place where you build your own pie."

"It's a cologne that smells like the beach."
Old    Zedz Dead (ktm250)      Join Date: Jan 2003       01-13-2004, 4:57 AM Reply   
"look just put your money on the counter, order your soup, then step to the left..and don't ask any questions..."

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