Benefits to Boating- Owning a Boat

First of all, boating is fun pastime that is enjoyed by people of all ages, backgrounds and physical makeup. Some people have spent their entire lives with boating as their only hobby. Although once considered the sport of the very wealthy, the advent of fiberglass boats, in the late 1950s, opened it up to people of more modest means.

There are also some financial benefits that are not generally appreciated. One example is that your boat may be considered as a second home. The IRS has generally determined that any boat that has at least one berth, a permanent galley, and a head (even if it’s just a Porta-Potti) qualifies for the second home deduction. Also, many boat owners use their boats to entertain clients and potential customers, and this qualifies as a deduction under the entertainment expense category for your business. Your tax advisor should be consulted for details.