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If you’re lucky enough to own a yacht, before you get on board, be sure you know the tax law.
Why?
Because if you don’t follow all of Uncle Sam’s rules and regulations, the IRS will torpedo your deductions!
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Here’s how to meet IRS requirements
and come out a winner.
Rule #1: Be sure to use your yacht more than 50% of the time for business transportation. When you do, your potential tax-saving deductions include:
- Fuel costs
- Insurance
- Repairs
- Dock or slip fees
- Caretakers’ salaries
- Hurricane storage
- And depreciation (including section 179)
Rule #2: Never use your yacht for business entertainment. That’s a major bummer. Wouldn’t it be nice to take a client out on the water? Well, you can’t if you want to keep your deductions. Watch out. Even a single business-entertainment use can sink you!
Here’s a final thing to worry about.
Sorry, but once you’ve qualified your yacht for deductions, there’s still one more hurdle to jump over.
- You can’t exceed “luxury water transportation limits.”
You see, the tax law places a daily limit on how much you can deduct for business transportation. How much is too much? Don’t worry. We’ll give you all the information you need.
If you want to learn how to fully comply with the law and get every deduction you’re entitled to, read my new article.
It can mean clear sailing when you have to file your tax return.
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