Yacht
$500,000+
Is a Yacht Tax Deductible?
Short answer: Usually no: a yacht is treated as an entertainment facility, so using it with clients isn't deductible.
Exceptions: a charter or fishing business, or a boat with sleeping, cooking, and toilet facilities financed as a second home (mortgage interest).
Records to keep: Keep the receipt or invoice and an estimate of business-use percentage.
Yacht
Typical range: $500,000+
General Business
Usually no: a yacht is treated as an entertainment facility, so using it with clients isn't deductible.
Business justification
Usually no: a yacht is treated as an entertainment facility, so using it with clients isn't deductible. Exceptions: a charter or fishing business, or a boat with sleeping, cooking, and toilet facilities financed as a second home (mortgage interest).
Category
- Products & Brands