Join Date: Apr 2008
Thanked 0 Times in 0 Posts
Rep Power: 10
Forms of ownership
Well guys, I have been afflicted with the "two-footitis" that I have heard others talk about and I am in the market for a bigger boat. I am looking at boats in the 32-36 foot range and 30-40 thousand dollars. This is a lot more money than I spent on my current boat which brings me to my question.
I am self-employed and have an S-corp. Does it make any sense or amount to any tax savings to have the corporation buy the boat or form a separate LLC to own the boat or would this just be a flag for an IRS audit? I see a lot of boats with Wilmington, Delaware as the hailing port, would a Delaware Corporation amount to any tax savings?
Anyone have any other ideas for write offs? I am planning to pay cash, so the second home interest write off is not an option.