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The business uses our boat for soundings. Where do I put…

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The business uses our...

The business uses our boat for soundings. Where do I put this in the taxes.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Do I put it the same place I put the cars used and the usage.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I do not know

Submitted: 1 month ago.Category: Tax
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Answered in 9 minutes by:
3/21/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,692
Experience: Taxes, Immigration, Labor Relations
Verified

The boat will be depreciated.

You will report depreciation deduction on form 4562 which is included into your tax return.

https://www.irs.gov/pub/irs-pdf/f4562.pdf

Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.

Depreciation begins when a taxpayer places property in service for use in a trade or business or for the production of income.

You will need to determine the basis for depreciation.

If the boat was used for personal purposes - and converted to business use - the basis for depreciation sis the LESSER of

-- () your basis and () FMV at the time of conversion

If you are using the boat for both - personal and business purposes - we need to apportion that use - and only the business portion will be deducted.

Let me know if you need any help with reporting.

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Tax Professional: Lev, Tax Advisor replied 1 month ago

If you want to discuss - you may request a phone call via this site - OR I may send you an offer,

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