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Old 08-01-2020, 06:28 PM   #11
Tmingle
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Remove all doubts and spend $1000 and a weeks worth of time and take a course, get a license
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Old 08-01-2020, 06:50 PM   #12
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Originally Posted by hooknbullet2 View Post
My CPA assured me that if I purchased a boat through my business, I would be audited by the IRS. Make sure your wife has all her financials in order.
Get a new cpa. My boat is bought and paid for thru my LLC - had to manage expenses. For OP- no lisc needed if not getting paid for charter trips . Tpwd tries to bq me with this on boat water inspections - I take clients out - I’ve had to take to Austin to get delberts corrected
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Old 08-01-2020, 08:28 PM   #13
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Get a 6 pack license. Good info you will be learning.
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Old 08-01-2020, 08:31 PM   #14
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Quote:
Originally Posted by Tmingle View Post
Remove all doubts and spend $1000 and a weeks worth of time and take a course, get a license
Dont forget the 360 documented days on the water and 180 documented days outside of 12 miles to have a coast wise endorsement to be able to go outside the jetties.
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Old 08-01-2020, 10:43 PM   #15
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Don’t ask the internet for liability questions.
When you are sued or ticketed, “2cool” said won’t mean much.
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Old 08-03-2020, 11:50 AM   #16
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Quote:
Originally Posted by Muddskipper View Post
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.
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