wondered if anyone here in same boat could point me in right direction
i bought a sailboat last year. keep it in the BVI's with a charter company.
i'm trying to decide what my options are as far as benefitnng me best on my income taxes.
i was trying to use turbotax and do it myself.. but looks like a tax pro might be a much better option.
the boat lost money in 2011.. shocking
it lost about 10k operating expenses vs revenue.
im likely going to sell it in 2012. at which point it will also have additional depreciation and a brokers fee.
there is also about 5k a year in interest on a boat loan.
-im wondering if i can list it as a business and write the majority off against my income taxes from my main job.
-turbo tax rep suggested listing it as a rental property. -but can only take a passive deduction. -only against the profits. which there are none.
or just say heck with it.. call it my 2nd house and take the interest deduction and eat the rest.
certainly someone else has gone down this path before me...