Join Date: Oct 2009
Location: Swarthmore, PA
Thanked 84 Times in 74 Posts
Rep Power: 6
Re: The great things about owning a sailboat that no one tells you about
I write off the costs of repairs and upgrades to keep it livable, cooking fuel etc...
I hope you don't get audited. Deducting repairs and upgrades is not allowable for a recreational boat under IRS code. I doubt interest is deductible either unless you have full galley and real marine toilet (Porta-potties don't count).
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
1998 Catalina 250WK Take Five (at Anchorage Marina, Essington, on the Delaware River)
1994 Mason 44 Firefly on loan from my BFF (West River, Galesville, MD)
1991 15' Trophy (Lake Wallenpaupack)
1985 14' Phantom (Lake Wallenpaupack)
Last edited by TakeFive; 05-08-2014 at 10:39 PM.