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Backed my boat down the driveway this afternoon

A forum for discussing topics relating to MacGregor Powersailor Sailboats
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Scott
Admiral
Posts: 1654
Joined: Tue May 18, 2004 12:46 pm
Sailboat: Venture 25
Location: 1978 Catalina 22 with all the Racing Goodies!! 4 horse fire breathing monster on the transom

Post by Scott »

Rookie, we asked our accountant if we could deduct our boat as an entertsinment expence or as a second home. He said sure, If you want to guarantee getting audited. Apparrently that is a flag that the IRS uses for prioritising audits.
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Chip Hindes
Admiral
Posts: 2166
Joined: Mon Jan 05, 2004 6:13 am
Location: West Sand Lake, NY '01X, "Nextboat" 50HP Tohatsu

Post by Chip Hindes »

We've been treating our boat as a second home for tax purposes since the year we sold our actual second home; 4+ years, and not audited yet. It's perfectly legal and common practice for any cruising boat. The deduction is pretty much limited to interest paid and taxes, so it's fairly modest compared to an actual second home.

Not sure about deducting a portion of the boat used for business purposes. I'm sure it can be done but I can imagine how it would be an audit trigger.
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delevi
Admiral
Posts: 2184
Joined: Fri May 06, 2005 1:03 am
Location: San Francisco Catalina 380, former 26M owner
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Post by delevi »

We had rain almost every day for the last two months. It's tough to get a break and go sailing, but I guess I won't get any sympathy from you guys in other parts of the country where you have real winters.

Leon
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Moondance
Deckhand
Posts: 45
Joined: Thu Jan 12, 2006 7:46 pm
Location: Kingston, Canada

Post by Moondance »

We backed it down the driveway....drove to the marina.... and backed it down the ramp.

It's floating like a cork. We took her our for a quick spin to get the cobwebs out of the cylinders and she purring like a kitten.

If the weathers on our side this weekend...the sails will be filled with air.

Spring is here. Yeeee Haaaaaw
Bill at BOATS 4 SAIL
Admiral
Posts: 1006
Joined: Sat Jan 10, 2004 7:28 pm
Sailboat: MacGregor 26D
Location: Oconomowoc, WI

Post by Bill at BOATS 4 SAIL »

delevi wrote:We had rain almost every day for the last two months.
Leon
I can certainly see where this would be disappointing.
With any luck at all it could have been about six feet of snow.
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