Your Next New or Pre-Owned Boat Purchase Could be a Complete Tax Write Off!
To qualify for these benefits, the buyer must be an entity (corporation, partnership or LLC) that will rent or charter the vessel or use it for another legitimate business purpose. So long as that requirement is met, then 100% of the purchase price can be written off as “bonus depreciation” in the year of the purchase.
A Recap of the New Tax Provisions for Boat Buyers
- To qualify, the boat owner must be an entity
- New provisions apply to new & pre-owned purchases
- Write-off 100% of the purchase price with no limits
- New equipment & upgrades can be written off in the same year
- Write-off not limited to taxable income of entity