View Full Version : Owning a boat / LLC

New Guy
04-22-2014, 02:22 PM
Alright guys I am doing some stereo work on the side which has got me thinking. I'm making some decent money on it and I thought about setting up and LLC for tax purposes. I was thinking that I would be able to write off my gear, fuel, and other boat cost as an investment / demo unit for the LLC. I know they IRS will only let you loose money for so long before they classify the business as a hobby. Are there any CPA's out there that can shoot me a little direction.

04-22-2014, 02:33 PM
Not a CPA but been a sole proprietor. My advice - keep it all cash transactions if you can and off the radar. Find something else to write off! Unless you wanna do a "mod" and a porta potty to the Mojo :eek:

04-22-2014, 03:58 PM