Discussion:Business use of a boat
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Discussion Forum Index --> Tax Questions --> Business use of a boat
| 3 November 2006 | |
| My client who runs a consulting firm which has a high amount of entertaining , is thinking about purchasing a boat to entertain clients. He states it will be also used for pleasure. Can he deduct a standard mileage rate(knots) or does he have to use actual expenses and depreciation.What would be the depreciation rate- the same as cars or what. It there is a standard rate, what is it for 2006 as well as 2007 | |
| 3 November 2006 | |
| No deduction is allowed for entertainment "facilities" which would include your client's boat. Sec. 274 | |
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