HolidayBuyer's Guide

Small business & Startups forum

Question

Selling boats

by Backchannelmako / April 21, 2015 5:37 AM 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
You are posting a reply to: Selling boats
The posting of advertisements, profanity, or personal attacks is prohibited. Please refer to our CNET Forums policies for details. All submitted content is subject to our Terms of Use.
Track this discussion and email me when there are updates

If you're asking for technical help, please be sure to include all your system info, including operating system, model number, and any other specifics related to the problem. Also please exercise your best judgment when posting in the forums--revealing personal information such as your e-mail address, telephone number, and address is not recommended.

You are reporting the following post: Selling boats
This post has been flagged and will be reviewed by our staff. Thank you for helping us maintain CNET's great community.
Sorry, there was a problem flagging this post. Please try again now or at a later time.
If you believe this post is offensive or violates the CNET Forums' Usage policies, you can report it below (this will not automatically remove the post). Once reported, our moderators will be notified and the post will be reviewed.

All Answers

Collapse -
Answer
All good questions for your accountant and lawyer.
by R. Proffitt Forum moderator / April 21, 2015 5:49 AM PDT
In reply to: Selling boats

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

Collapse -
Re: boats
by Backchannelmako / April 21, 2015 7:41 AM 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.

Collapse -
Such is law and more.
by R. Proffitt Forum moderator / April 22, 2015 12:54 AM PDT
In reply to: Re: boats

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

Popular Forums
icon
Computer Newbies 10,686 discussions
icon
Computer Help 54,365 discussions
icon
Laptops 21,181 discussions
icon
Networking & Wireless 16,313 discussions
icon
Phones 17,137 discussions
icon
Security 31,287 discussions
icon
TVs & Home Theaters 22,101 discussions
icon
Windows 7 8,164 discussions
icon
Windows 10 2,657 discussions

The Samsung RF23M8090SG

One of the best French door fridges we've tested

A good-looking fridge with useful features like an auto-filling water pitcher and a temperature-adjustable "FlexZone" drawer. It was a near-flawless performer in our cooling tests.