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IRS and charter boats

Discussion in 'General Yachting Discussion' started by ronsmithvi, Oct 22, 2008.

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  1. ronsmithvi, Oct 22, 2008
    #1
    ronsmithvi

    ronsmithvi New Member

    Joined:
    Mar 23, 2008
    Messages:
    7
    Location:
    st thomas virgin islands
    If you have a boat, and charter a few times a year, is this a write off?
  2. goplay, Oct 23, 2008
    #2
    goplay

    goplay Senior Member

    Joined:
    Mar 16, 2006
    Messages:
    169
    Location:
    Sausalito, CA
    Only the direct expenses related to the charter to offset the revenue from the charter. Declare the revenue and claim the expenses. You can't write the whole thing off unless it is 100% a charter business.

    That's the simple answer. Check you accountant.
  3. OutMyWindow, Oct 27, 2008
    #3
    OutMyWindow

    OutMyWindow Senior Member

    Joined:
    Jul 5, 2006
    Messages:
    905
    Location:
    ...............
    It can also be a "write off" if the guests pick the lock off your private liqueur cabinet.
    :D