Season Prep costs

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Tim R.

Tim R.

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May 27, 2004
3,626
Caliber 40 Long Range Cruiser Portland, Maine
Not a problem here. All gets classified as home maintenance expenses.:D
 
J

Jan11

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Apr 9, 2012
51
Ericson 35 Albany
Stu Jackson said:
As a second home, you get to use a tax deduction for boating expenses if you have a good tax guy or good tax software.
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Stu - You can deduct anything you want, and as much as you want, but that may catch up with you some day if the IRS takes a look. :redface:

Mortgage interest and taxes are not a problem. What else are you deducting?

I have my 1040-X poised.
 
Stu Jackson

Stu Jackson

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Feb 26, 2004
23,356
Catalina 34 224 Maple Bay, BC, Canada
If you use your boat (second home) for entertaining and clients it's deductible, based on the % of use of the boat for the maintenance and upgrades. Maybe my tax guy slept in a Holiday Inn last night! :):):)
 
jimmcgee

jimmcgee

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Feb 26, 2008
603
Catalina 30 Marathon, FL
Stu Jackson said:
If you use your boat (second home) for entertaining and clients it's deductible, based on the % of use of the boat for the maintenance and upgrades. Maybe my tax guy slept in a Holiday Inn last night! :):):)
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Far as I know you can deduct interest if it qualifies as a second home (head, galley, etc.).

Unreimbursed entertainment expenses can be tricky depending on your occupation. Definitely want to ask an accountant before taking that deduction...
 
kenn

kenn

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Apr 18, 2009
1,271
CL Sandpiper 565 Toronto
... yacht club in London ON??

finding41 said:
I took my family to our local yacht club on Sat. to check the place out and apply for membership. She was incredibly calm when we discussed the money. She thinks its worth it for the first few years of ownership. It's relatively cheap too. $750
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Yacht club? Where? Fanshawe Lake? :D ;) ... or do you get down to Port Stanley?

Small boats have small problems. And small investments. Over the past 5 years I've done some structural repairs (replaced saturated buoyancy foam and rotten bulkheads, hardware upgrade and rebedding), new electrical wiring and now we're going for sex appeal - polishing, woodwork, maybe new cushions, a solar panel. And of course the annual outboard cleanup.

To the keelboat guys, what's the average cost of your season prep, if you have the marina do it - remove antifreeze, check electrical, plumbing, driveline, change fuel filters, prime and fire up the engine?
 
J

Jan11

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Apr 9, 2012
51
Ericson 35 Albany
Stu Jackson said:
If you use your boat (second home) for entertaining and clients it's deductible, based on the % of use of the boat for the maintenance and upgrades./quote]

Several years ago the IRS cut out these deductions and pissed off lots of boat owners, golf club members, etc. I'd considerate it a high risk deduction.

Of course, if they don't ask...
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Ross

Ross

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Jun 15, 2004
14,693
Islander/Wayfairer 30 sail number 25 Perryville,Md.
The expenses are generally so small as to not matter where you account for them. Think about the cost of eating at a restaurant once a week versus the cost of keeping a boat. I haven't been able to have a night out for less than 75 dollars for just two of us.
 
R

ralphbell

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Oct 10, 2008
6
Sovereign Adventure 23 Ghost Lake
Canadian tax laws are not so generous as the ones in the US unless you can justify a business use of the boat, but good luck trying. Living is expensive but you only live once so enjoy what you do and die with no regrets.
 
Bad Obsession

Bad Obsession

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May 23, 2004
3,319
I'm in the market as were . Colonial Beach
Dear God....I try to not to get caught by my wife sometimes when I buy boat stuff. I am tried of the complaining.

Seriously, I don't try to get boat expenses off on my taxes. I am not itemizing these days and I flat out own the boat. There is not reason to keep track because of that.
 
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