Originally Posted by Muddskipper
If your not a guide, nor presenting yourself as a guide/ Captian you will be OK
Just don’t take tips if offered..... yes people can chip in for expenses like gas and bait.
Lots of companies have boats and their business insurance can cover it giving them better coverage.
A good CPA will know how to handle it .... and if companies knew how to handle it, it’s a great expense for client entertainment
- no different than golf outings or corporate hunting leases
Worst thing you can do for a boat is let it sit..... so if your running it for a shakedown for non entertainment that’s even better
I’m a CPA. Unfortunately the 2017 Tax Cuts & Jobs Act eliminated deductions for entertainment. So the cost of the boat as well as any related expenses would not be deductible if solely used for entertainment. Same answer for golf outings & corporate hunting leases. That said, I’ve seen some creative attempts to help defray the cost of owning a boat, such as holding the boat through an LLC and putting it in a charter pool. Audit risk is definitely an issue with these arrangements.