
09-07-2007
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Just another stop...
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Join Date: Jun 2007
Location: Port Republic, MD
Posts: 483
Rep Power: 5
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Shelter your boat
The latest boat loan thread has got me thinking. When we buy rental property, we put it into an LLC (limited liability corporation for you cunuks). This keeps liability away from our own assets should anything happen with a renter. I'm wondering if I can apply a similar strategy to the new boat. I won't have renters, but if I create a company, as suggested on the other thread, I might could get many more deductions out of the boat. Anyone have experience with this? I'm thinking a marine style business, like boat detailing, or name decals. Something that would be low impact on me, but provide the shelter for the expenses. Anyone else doing something like this?
Thanks,
Freeman
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