If you own a yacht or a luxury boat, there’s something you should know before you shout “anchors away.”
I’m talking about the IRS tax rules that govern luxury boat deductions. What are they? We’ve done research on the subject and put together an easy-to-understand article you won’t want to miss.
For all the details, check out my new article that’s like a life preserver for taxpayers. It’s called Tax Tips: Tax Rules That Allow Tax Deductions for Your Yacht.
Three ways our fact-filled article can help you:
- We’ll explain the all-important “50% rule.” To qualify for the big tax deductions on a yacht or other luxury boat, you need to use the yacht more than 50% of the time for business transportation. Get the whole story when you read the full article.
- We’ll show you how to keep the “entertainment facility” rule from sinking your deductions. Tax law denies any deduction “with respect to a facility” used in connection with entertainment. And tax law classifies yachts and other pleasure boats as entertainment facilities. Even if you use your yacht 100% for business, one business entertainment use could mean rough sailing for your deductions. We’ll tell you more when you read the full article.
- We’ll give you two strategies you can use to now. What have we got waiting for you? A Plan A and a Plan B. If you have a yacht or luxury boat, don’t miss this opportunity to read the full article.