Catamaran Documentation

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 The end of the year is almost upon us and with it, that familiar wave of uncertainly. The question on many a cruisers' mind is — How to find a way to deduct the cost of their boat come April when the IRS comes calling for the annual donation. Surprisingly enough, there are several ways that you can write off some of the cost of your boat and reduce your tax burden.   According to Tanner Kidd, a tax specialist and boating enthusiast from Seattle, "Most boat owners miss out on some valuable deductions because they don't know about the...

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To what extent can you write off your participation in boating events as a promotional activity for your business or profession? People who maintain Mardi Gras parade horses often deduct maintenance costs as advertising for their business. Similarly, a major pizza chain owner deducts the costs of auto racing in events in which he drives. These are deemed justifiable, albeit unconventional, means of promoting one’s business or profession, according to Tax Court cases on the subject. In my law practice I have encountered boat owners who...

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Excessive business deductions by owners and breeders of horses, livestock or general farmers--or in other businesses activities--can be a red flag that triggers IRS audits. The IRS Restructuring Act of l998 shifted the “burden of proof” away from the taxpayer, so that the IRS has the burden of showing that your deductions are not “ordinary and reasonable”. At the same time, if you are audited in connection with a horse activity, the IRS takes the position that you have the burden of proof on the question of whether the activity is a busine...

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What in-state and out-of-state boat purchasers need to know. What is Taxable? Sales TaxAll boats sold and/or delivered in this state are subject to Florida's 6 percent sales and use tax, unless specifically exempt. Generally, Florida boat dealers and yacht brokers are required to collect tax from the purchaser at the time of sale or delivery. All sales of boats between individuals are fully taxable if the sale and/or delivery occurs in Florida.If a boat is delivered into a county that imposes a discretionary sales surtax, then the dealer mu...

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