calberto wrote:

- quote -

Look up what "class life" boats are in the depreciation
publication.

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- quote -

Get more tax information before you leap.

There is "bonus" depreciation this year and there is up to
$100,000 of Section 179 write off for NEW equipement
purchases. I do NOT know if new means new or merely new to
any commercial use.

And sometimes it makes sense not to over depreciate/deduct
if you have no income on the other side of the equation.

Again, run the numbers first!

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"Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote:
- quote -

Also, if he takes the full deduction, he may generate an
NOL, which could be carried back to obtain more financing
for his business - from the IRS. If not, he can carry it
forward.

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"calberto" <calberto22[at]yahoo.com> wrote:

- quote -

New rules could allow you to write off as much as $100k.
Then take an additional 50% of what remains.

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10 years under MACRS, 18 if you're using the Alternative
Depreciation System.

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calberto wrote:

- quote -

A common mistake people make is assuming that it is best to
take the maximum depreciation allowed by law. Not always
the best idea.

Here is a chance for some real tax planning. Find a local
tax pro, either Enrolled Agent (EA), or certified public
accountant (CPA) who can help you with financial planning to
maximize tax savings in years beyond just the first year of
operation.

Cheer$,
Harlan Lunsford, EA in LA

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Hi, how do you depreciate a boat? I am about to start a
snorkeling tour company in the Keys. The boat I am looking
at is about 150K, 1-2 years old. How is that depreciated?
Obviously, I'd prefer as soon as possible so I can write off
as much as possible. I'd like to know the rules. Is it 30%
year?

Thanks,

Carlos

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