Has a cabin rental and buys a pontoon boat for the property for the renters to use can the boat be deducted?

Forum|Forum|2 years ago
April 10, 2024
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Best answer by qbteachmt

"can the boat be deducted"

Are you aware of how to handle Assets? Expense and Expenditure are not the same thing. The reason you don't deduct Assets like that, is that they last a bit of time. That's called Useful Life. They wear out over time and that's called Depreciation per the IRS classification for the asset type. And of course, if there is personal use, who pays which operating costs, etc, also apply.

qbteachmtAnswer

Level 15

"can the boat be deducted"

Are you aware of how to handle Assets? Expense and Expenditure are not the same thing. The reason you don't deduct Assets like that, is that they last a bit of time. That's called Useful Life. They wear out over time and that's called Depreciation per the IRS classification for the asset type. And of course, if there is personal use, who pays which operating costs, etc, also apply.

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