Results 1 to 3 of 3
Thread: Owning a boat / LLC
-
04-22-2014, 02:22 PM #1
Owning a boat / LLC
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.
-Mark
14 Mojo - 72 hours and growing
02 Mobius LSV ---- Sold and always will be remembered as the one that started it all.
"Hey you only live once"
-
04-22-2014, 02:33 PM #2
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
So when is this "old enough to know better" supposed to kick in?
2001 MobiusV - Slightly Modified...
-
04-22-2014, 03:58 PM #3
agreed......
'06 Supra Launch 20SSV-gone but never forgotten