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  1. #1
    Join Date
    Nov 2009
    Location
    Kaukauna, WI - 3minutes from glass
    Posts
    2,120

    Default 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"

  2. #2
    Join Date
    Jun 2007
    Location
    Vancouver, WA
    Posts
    5,138

    Default

    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
    The years have been kind, it's the weekends that have done the damage.

    2001 MobiusV - Loaded with Ballast, Exile, Blood, Sweat & Beers

  3. #3
    Join Date
    Jun 2008
    Location
    Henderson, NV
    Posts
    5,199

    Default

    agreed......
    '06 Supra Launch 20SSV-gone but never forgotten

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