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Question

Selling boats

Apr 21, 2015 5:37AM PDT

I recently started a small boat business. The majority of my business is repairing boat motors and selling boat motors. I recently registered my first boat under my business name. Is the registration cost a tax write off? Can I use the boat for pleasure until it sells? Can I write off any fuel expenses, if so under what circumstances?
If you can think of any advantages to having a boat registered/owned by my business or disadvantages please let me know. Thanks.

Discussion is locked

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Answer
All good questions for your accountant and lawyer.
Apr 21, 2015 5:49AM PDT

While I can see taking prospective buyers out for a spin, it's not your boat but the business. Sounds like a bad idea.
Bob

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Re: boats
Apr 21, 2015 7:41AM PDT

Last fall i serviced a boat and the customer paid with a business check. He told me the boat was in his business's name, so the service I provided was paid for by his business and therefore a write off. That is what gave me the idea. I'm not sure if there is a difference because I have a boat sales specific business or not.

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Such is law and more.
Apr 22, 2015 12:54AM PDT

That's why we need an accountant and sometimes a lawyer to navigate such ideas. It varies with country as well.
Bob