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MGC94
MGC94
Level 7
Apr 11, 2023 2:48 PM UTC
Question

BOAT PURCHASE

New client purchased a boat $350,000

4% interest rate paid to person who sold the boat

Do I depreciate the boat? Which would I use to depreciate it? "G" general purpose tools/ machine/ equipment? 

Thank you! 

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5 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
Apr 11, 2023 2:53 PM UTC

Bought a boat for what?   Is he in a business that uses a boat?  Is it a second home for him perosnally?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    MGC94
    MGC94Author
    Level 7
    Apr 11, 2023 3:03 PM UTC

    bought because he is a fisherman LLC on a sch C 

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    Apr 11, 2023 3:46 PM UTC

    The IRS rules on depreciation allow a fishing business to depreciate boats over a span of seven years; a 10-year depreciation applies to fish tenders and fish processing boats.

    He'll also have the interest expense on that loan to deduct.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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